@Anonymous wrote:Hard inquiries stay on your report for 2 years, but their effect on your score only lasts for 1. After that, they can be seen on the report but do not negatively impact your score.
The good news in your case is that these 6 should appear as auto loan inquiries, and will not have much effect. They will be scored together as if you only made 1, not 6.
If you need a car loan, you can try again for a lower amount - so your approval is more likely - and the new set will also count as 1 on your score, even though all of them will appear on the report. Keep in mind while shopping that your score is only one thing that affects your approval. Debt-to-income is a large part as well, as is your performance on prior auto loans (of you had late payments or a repo in the past, even with a good score you may not get approved). Banks also have limits on what they are willing to loan on any given car, so with your likely high interest rate, you may be over the limit on the car you wanted previously.
If you belong to a credit union, you may want to ask them to see what they would approve you for, if anything, and you can also check capital one's auto lending website - their prequalification does not cause an inquiry on your report - and that will give you an idea of what price level and interest rates you might qualify for.
+1
You can garden or look into the credit union route as stated already. You have a higher chance of getting the funds you need for the vehicle you'd like to buy.
