Re: looking to finance a vehicle.
01-26-2013 06:33 PM
Greetings everyone I'm looking to finance a vehicle I have the cash to purchase a decent car on the spot however I figured this loan reporting will boost my credit drastically (only have cc loans on file) my question is does having a lot of credit card inquiries hurt my chances of being approved? I have never applied for mortgage or auto loan thank you guys
Nah, FICO score determines more on APR you receive than actually getting approved, I wouldn't sweat the inquiries in the slightest... especially as auto loans are the easiest of any loan product to be approved for.
I would agree that financing makes more sense from a FICO perspective, but you may want to hammer the principle down quickly such that you don't pay nearly as much in interest charges over the course of the loan.
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)
Take the myFICO Fitness Challenge