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Okay I have a dilemma of some sort.
I got 5 inquiries back in Feb 2013 due to auto loan inquiries, and those 5 inquiries did quite some damage to my scores and ruined my chances for Amex back in March.
Now, I'm about to purchase another vehicle in the next 30 days.
I can pay the car in full, but I'm debating whether to get an auto loan. If I do decide to get one, I'm just going to apply with BMW financial services directly, rather than to let the dealership do a blanket app and accumulate lots of inquiries for no reason. So basically, 1 more inquiry on my EX if I go with this.
Will having a 80-100k auto loan on file be a good thing? Will it help my CR or help me with getting higher CLs if other lenders can see that I pretty much took out a 100k loan and financed it w/o any issues? Is this worthwhile? If I do get the loan, I plan to pay off most of it right away in order to keep my DTI as low as possible, but also not too much to the extent where BMW will just write off the remaining amount and close the loan account.
If anyone has any experiences with this or any idea about this, please do let me know.
those 5 inqs should only count as 1 for scoring purposes.
dont know if it will help you obtain higher CLs on your CCs, but also don't know why you need higher CLs (besides prestige?)
the only things CCs should provide is convenience and cash back.
if you finance $100K and pay off say $70K, your DTI remains the same because your regular payment amounts are still based on initial loan terms. The only thing that goes down is length of time it takes to payoff loan at regular payment amount.
don't think its worth financing that much. Suggest just pay cash and save all the money on interest.
just my opinion hope it helps you make a decision
How about financing the car and paying it off before first payment to avoid interest? Sounds like the best of both worlds.