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Is there a way to shop financing without too many hits?

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Valued Member

Is there a way to shop financing without too many hits?

We're currently trying to trade In our nightmare 2019 kia sportage that we've owned since April.... the place we bought it from hit us with a ridiculous amount of inquiries when we were going through the process, so we'd like to keep inquiries down.

We know that our Equifax auto score 5 are our highest scores right now. And we already applied to DCU on friday but have yet to hear back.

Are there any certain lenders I should look In to before others? We were "pre-approved" through Chrysler capital but I hear they can be just as bad as our current lien holder, Santander, since they're pretty much one in the same.

We currently have a disgusting interest rate of 19.03% but haven't missed a single payment on either car loan we've had since January. I know I'd we were to trade in and finance through Santander again we would get 14%, but I feel like Santander is just ridiculous with their rates. And since we're unfortunately having to rollover some negative equity, we'd like to be under 14% if possible.

Carvana had us both coming in at 10%-21% depending on the car. His monthly income is $4500 and we know we can afford to stay at our current monthly payment for our sportage. We just need to get rid of it because its been at the dealership more than we've driven it at this point and they're saying there's nothing wrong with it
42 REPLIES 42
Valued Contributor

Re: Is there a way to shop financing without too many hits?


@Bellasmom15 wrote:
 We just need to get rid of it because its been at the dealership more than we've driven it at this point and they're saying there's nothing wrong with it

If that truely is the case; documented days without....I'd look into your State's Lemon Law.  Read up, including the Federal laws.

"My Take Home Pay Don't Take Me Home"
Personal Credit: Start date Oct 2018 SavorWEMC/Quicksilver-AU/Disco It-AU/Disco Chrome(on chopping block)/SpectrumVS/BrightVS/GoodSamsVS/Care Credit/Lowe's-AU/Home Depot-AU/Synovus LOC- 2012 (Total CL= 186k)
Business Credit: start date April 2019 Blue Business Cash/Lowe's Reward-amex/Lowe's Pros/Staples More/Amazon Net55/Spark (Total CL=81k)
Closed TL's reporting, all positive: 1 Auto; 2 Personal Loans; 9 Revolvers
Message 2 of 43
Established Contributor

Re: Is there a way to shop financing without too many hits?

Since you are at the 6 month mark it will be hard and you may have a high interest rate at first but it's not IMPOSSIBLE try with your Bank/local CU first so you avoid any unwanted 'extra hits' and see what they say but they recommend having your vehicle 1 year before refinancing so you aren't as upside down with your Negative equity and even if they help you out of that vehicle into someone more 'stable' than Santander because they are honestly 'bottom feeders' then I would just get out of anything with them at first and then refinance in a year if you aren't at that 14% or below that you want.      I know it sucks trust me I do I started out with a 17 or 19% apr with Capital One but one year later 3.49% when I refinanced so just to help but Santander has nothing but horror stories and I'm sorry you are with them and about your Kia troubles that is always bad to hear.  Smiley Sad
















Message 3 of 43
Valued Contributor

Re: Is there a way to shop financing without too many hits?

Follow up with DCU. This might be a good option.

PenFed pulls EQ. I'm not sure which model they use for auto loans. They are a very conservative CU. Expect hard pull inquiry for membership and another for auto loan application.
Message 4 of 43
Valued Contributor

Re: Is there a way to shop financing without too many hits?

CapOne prequal is SP I believe

 

D3f look into lemon laws.

 

You will lose $5-$10k easy on trade in.

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Message 5 of 43
Established Contributor

Re: Is there a way to shop financing without too many hits?

I would contact a Lemon Law Lawyer. Make sure you compare on how much and which way they get paid before committing.

 

You can leverage different financial institutions and credit unions to limit hits. Certain credit unions only pull from one credit bureau. By spreading your applications across those CB, you can limit your hits. Applying to a dealership or a brokage service online will result in a large number of hits. If you have excellent credit, sometimes you only need 1 pull at a dealership but YMMV.

Message 6 of 43
Established Contributor

Re: Is there a way to shop financing without too many hits?


@Shooting-For-800 wrote:

CapOne prequal is SP I believe

 

D3f look into lemon laws.

 

You will lose $5-$10k easy on trade in.


FWIW, CapOne is a SP on prequal and lasts 30 days (the 30 days I’m not 100%, but I know they only last for so long)



Message 7 of 43
Valued Contributor

Re: Is there a way to shop financing without too many hits?

If you haven't done so already, you may also want to consider going to a different dealer to have these issues fixed.

 

Some dealerships have notoriously bad service departments.

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Message 8 of 43
Valued Member

Re: Is there a way to shop financing without too many hits?

I heard from DCU and AAA today and they were both an unfortunate no due to negatives that are set to age off within the next year. Which sucks because our payment history for the last year is 100% on everything. And last reported missed payment on anything was 6 years ago since we didn't apply for anything for a while because we knew we'd get denied. His income is 55k a year at the very least, but that didn't make a difference.

I'm curious to see what Chrysler capital would give us for terms since I've seen other posts from people saying that they haven't been quite as bad as their counterpart. I just wish I could do it without going to the dealership lol

I heard from a lemon lawyer today and it's unclear whether or not we'll qualify since its unclear if it's the car or the service department. 99% of their service department is useless, but after talking to a GM at the dealership, only one of the techs is allowed anywhere near my car when it comes in because he's the only one who hasn't tried to mansplain things away and has taken me seriously. He just hasn't the slightest clue what could be going on.

I've called other dealerships about looking at it and they said they could do so for a "Diag fee of $130" which is only refundable if they actually find something wrong AND their tech determines it's not my fault. So, Its literally a gamble as to whether or not their tech is going to be just as blind and deaf after driving their jackhammer to work.
Message 9 of 43
Valued Contributor

Re: Is there a way to shop financing without too many hits?

I'd take it to a certified mechanic that's certified for your vehicle and let him run diagnostics.  I wouldn't fool with a dealership.

"My Take Home Pay Don't Take Me Home"
Personal Credit: Start date Oct 2018 SavorWEMC/Quicksilver-AU/Disco It-AU/Disco Chrome(on chopping block)/SpectrumVS/BrightVS/GoodSamsVS/Care Credit/Lowe's-AU/Home Depot-AU/Synovus LOC- 2012 (Total CL= 186k)
Business Credit: start date April 2019 Blue Business Cash/Lowe's Reward-amex/Lowe's Pros/Staples More/Amazon Net55/Spark (Total CL=81k)
Closed TL's reporting, all positive: 1 Auto; 2 Personal Loans; 9 Revolvers
Message 10 of 43
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