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Inquiries when looking?

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Anonymous
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Inquiries when looking?

I was pre approved by Capital 1 for an auto loan. When I go to dealerships, how do I make sure I only have one hard inquiry when competing for the best interest rates?
Message 1 of 39
38 REPLIES 38
Anonymous
Not applicable

Re: Inquiries when looking?

By nature of competition you would have to have more than one company involved. If you want to guarantee only one HP apply with a credit union that only pulls one bureau and go with what they give you.
Message 2 of 39
Anonymous
Not applicable

Re: Inquiries when looking?

Yep.  You're likely to get a handful at once, once your dealer begins the financing process.

The good news is, collectively they won't have any more effect on your score than one would.  And is is possible that the result will be financing that wil beat your Captal One offer, but even if not, you'll get the offer made to you by Capital One in the end.

 

The dealership cannot run your credit until you provide a SSN and such, so if you're just looking, simply refuse to provide that information until you've chosen your vehicle. 

 

But to close your deal - using Capital One or not - they have to run your credit, which will generate the muiltiple hard pulls.  These should all be coded as "auto lending" inquiries, though, which means that all together they have a single-pull impact (you won't have the same sort of score impact as you would if, for example, you applied for seven different credit cards).

Message 3 of 39
Anonymous
Not applicable

Re: Inquiries when looking?

I financed a car a few hours ago...told the rep to NOT shotgun my credit file and that I have to-the-seconds update. 

 

Checked my credit once and sent the scores to 3 banks/credit unions.

Message 4 of 39
Anonymous
Not applicable

Re: Inquiries when looking?


@Anonymous wrote:

I financed a car a few hours ago...told the rep to NOT shotgun my credit file and that I have to-the-seconds update. 

 

Checked my credit once and sent the scores to 3 banks/credit unions.


Yea and the 3 banks/ credit union will do their own pull too

Message 5 of 39
Anonymous
Not applicable

Re: Inquiries when looking?


@Anonymous wrote:

@Anonymous wrote:

I financed a car a few hours ago...told the rep to NOT shotgun my credit file and that I have to-the-seconds update. 

 

Checked my credit once and sent the scores to 3 banks/credit unions.


Yea and the 3 banks/ credit union will do their own pull too


Well that sucks...turns out the dealership pulled 1, and the 2 CU they sent my score to pulled their own... so 3 EX pull.

 

Looking on the bright side, at least I didn't end up with 10 inquires and still needing a Co-Signer this time around. I still have much to learn about credit.

Message 6 of 39
Anonymous
Not applicable

Re: Inquiries when looking?

Do u mind me asking what kind of deal u ended up with? Ur score? How much did Cap1 pre qualify u for? How much of a loan did u end up getting? With who? What interest? Anything down?
Message 7 of 39
jsucool76
Super Contributor

Re: Inquiries when looking?

When I bought my VW I pre-approved through Cap1 and went in with my own financing. The dealership pulled TU once, and then I got one inquiry on each report from VW credit for financing.

Nearly crapped my pants because as soon as I gave them the paperwork with my info, my phone started going off like crazy. I must've gotten 15 credit pull notifications, but when I checked my reports I only had one on EX, one on EQ, and 2 on TU.
Message 8 of 39
6speed8
Regular Contributor

Re: Inquiries when looking?

Even with the Having the Cap One Pre Qual and if that's what you choose to use, the dealer itself will run you and Cap One will hard-pull at that time. I went in with the Pre Qual. Finance manager asked first, if I'd allow him to run me through other banks because after the dealer ran me, he said "your credit isn't as bad as you think". Experian was 650 at the moment so I assumed Auto-FICO was higher than that. He came back with Hyundai Financial at 4.9% and $4000 more than Cap One's Pre Qual. SInce I have fraud alerts, the following morning I got calls from: Hyudai Financial, Chase and one other I can't remember. When I checked, there were pulls from: Cap One, the dealer, Hyundai FInancial, Compass, Barclay's, Ally, Citizen's One,and Chase.

CH 7 Discharged 6/10/15
T/U - 643
EQ - 588
Ex - 647 as of 6/14/15
Message 9 of 39
Anonymous
Not applicable

Re: Inquiries when looking?

Just a suggestion .. join PenFed Credit Union .. you are preapproved for 45 days. 

Its like going with cash in hand..  then when you find what you want - go back to PenFed and they will send you paperwork to close on the vehicle. 

No plethora of hard pulls and gives you the opportunity to haggle with dealer. 

 

PS low interest rates.

Message 10 of 39
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