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Old 05-05-2015, 09:38 AM   #21
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Originally Posted by cdangel0 View Post
Just be cognizant of how many other lenders you're shopping with. Every inquiry on your credit report will have a negative impact on your overall credit score (FICO). Inquiries will sit on your credit report for 2 years.

It's not usually an issue if someone is reviewing your credit report after the fact because it's easy for a person to see you were shopping for a vehicle, but nowadays most credit decisions are systemic and use the credit score as a/the decisioning factor and will not take in to account WHY there are multiple inquiries.

Also - the rate the bank gives the dealer is called the "Buy Back Rate" and you are entitled to see it - you just have to ask.
I actually just found out that if you have multiple inquires into your credit within a 2-week period, they only count that as a single inquiry. So shopping around doesn't really hurt your credit that much at all.
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Old 05-08-2015, 04:33 PM   #22
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Originally Posted by Iwritecode View Post
I actually just found out that if you have multiple inquires into your credit within a 2-week period, they only count that as a single inquiry. So shopping around doesn't really hurt your credit that much at all.

That is correct. It may come up during a manual underwriting but is easily explained


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Old 05-21-2015, 01:11 AM   #23
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I just purchased a new trailer with financing arranged by the dealer.

Interest rate is 3.49% with 10% down. Through credit union, which was WAY better than any other banking options i could find.
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