Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
Re: Best bank to get a personal/car loan from?

For the most commonly used FICO models, auto loan inquiries that are coded as such done within 30 days of one another will have the affect of one hard inquiry.  All will show on the credit report of course.


As far as what bank to use, Credit Unions have been the best recently.  I would ask around your local credit unions what their rates are and what scores are needed for particular rates.  If you're buying used make sure you mention the model year you're looking at.


You should take what the best rate is that you can get qualified at based on your credit, and bring that to the dealer and see if they can beat it.  If you're positive you'll get approved at the credit union, don't even take the hard pull, just use the APR as a bargaining point in the dealership and tell them you're preapproved.  The dealer may pull 1-2 bureaus to try and beat it.  If they can, great!  If they can't, you can go back to your credit union and get the loan there.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
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