Auto loan approval question.

[legacys7]

Two nights ago, I went to an online local car website to get a pre credit approval. Toyota. It was a very quick approval. The following morning I was approved for a car that I wanted with a 1.9 percent interest. I'll be going to the auto place, finalize the package and pick up my car. BUT, I was surprised this morning with several alerts on my Equifax account. It showed several inquiries from like 7 banks. Is there a reason for all of the inquiiries? I even got more early this morning. And will this push my score down and down a lot? 

[Shogun]

Shotgun method when car shopping.  They take your information and send it to several different lenders to see which ones will pick up your loan and what kind of terms they will offer you.  So, yes, it's legit and common practice.

Not to worry, Inq's heal fast.  Good luck with your new ride!

[Shogun]

Oh, and FYI.  If they are coded correctly, FICO will score all those Inqs as one.

[legacys7]

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@Shogun wrote:

Oh, and FYI.  If they are coded correctly, FICO will score all those Inqs as one.

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Thank you very much for the prompt reply. I was surprised on the low interest. 1.9.

[Shogun]

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@legacys7 wrote:

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@Shogun wrote:

Oh, and FYI.  If they are coded correctly, FICO will score all those Inqs as one.

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Thank you very much for the prompt reply. I was surprised on the low interest. 1.9.

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You're welcome,, and that is a "GREAT" interest rate!  Congrats!

[DQ007]

OP, what were your FICO scores? I'm looking to get a 1.9 as well...

[legacys7]

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@DQ007 wrote:

OP, what were your FICO scores? I'm looking to get a 1.9 as well...

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I'll have to check. But All of the banks, minus one I think didn't approve me. If I recall, that's what the dealer said. Each interest rate varied. Chase, Captial 1 etc. Toyota Financial was the better of the all and that's who gave me the 1.9. I ended up buying the car. I love it.