I got approved from a dealer which ran my credit to around 8 different banks so now I have that many hard inquiries and the bank wanted a 2500 downpayment - according to the sales man. I wasnt ready for the big downpayment besides who knows if its a way for dealer to make a profit, needless to say I didnt walk away in a new car 
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Anyway - I just got approved for a 24,000 loan from Capital One with 13.5% interest (score sitting around 621-EX, 638-EQ) the question is when I go to another deal do I pitch that I've been pre-approved from a bank and ask if they can beat the interest rate, taking the chance of my having 8 more hard inquires on my credit?
@Anonymous wrote:I got approved from a dealer which ran my credit to around 8 different banks so now I have that many hard inquiries and the bank wanted a 2500 downpayment - according to the sales man. I wasnt ready for the big downpayment besides who knows if its a way for dealer to make a profit, needless to say I didnt walk away in a new car
Anyway - I just got approved for a 24,000 loan from Capital One with 13.5% interest (score sitting around 621-EX, 638-EQ) the question is when I go to another deal do I pitch that I've been pre-approved from a bank and ask if they can beat the interest rate, taking the chance of my having 8 more hard inquires on my credit?
I would try to get a better rate than 13.5% ~ also the inquiries should be scored as a single inquiry by FICO as long as they're within a few weeks.
Tell the dealer you're pre~approved and ask for the best rate they can give you. I wouldn't necessarily tell them your approval is at 13.5% though unless they come back with something higher.