Dealer Credit Pulls

[Anonymous]

Had a dealer run my credit last week. If I go back in and work out a deal, do they have to re run or can they use the scores from that da

[KLEXH25]

It should be good for a set period of time. When I got approved for a DCU auto loan, I think they said it was good for 45 days, but the rate could still change. I’m not entirely sure if it’s the same with dealerships but I’d assume so.

[IPIF]

I would not assume anything about a car dealer based upon what banks and credit unions do.

A car dealer is not a lender like a bank or credit union.

The dealer just sends your credit app to many lenders. Each lender will  do an HP, although all HPs for car loan over several weeks will be scored as only one HP. 

For future reference you should never fill out a credit app at a car dealer until after you make a deal and agree to buy a particular car. Best method is to get pre-approved at a credit union before car shopping. You will probably get a better rate and terms at a credit union and you don't have to worry about getting a CFA.

[Anonymous]

Who cares about CFA or not? Most bank rates for car loans are usually not good, most credit unions are good depending on score. I was looking to lease and applied on manufacturer website who sent lead to dealer for only one HP. Just wanted to know if I reach a deal with that dealer on a purchase instead this weekend do they have to re run.

[Anonymous]

The definitive answer is that your credit bureau will be available to the dealer for 30 days, and they should not need to, and should not, pull it again. This also applies to any bank that they submitted you to at your initial visit - any approvals are good for 30 days. If they are looking for a different or better rate with a different bank/CU, then there will be the new or additional pull at that new institution.

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