Toyota 0% and Recent Hardpulls

[Anonymous]

How long after a hard pull is best to apply for Toyota 0% APR financing? Do recent inquiries actually matter or is the decision based solely on your score?

[Gmood1]

IME, the HPs had no affect at all. If you have a strong credit profile. They could care less about how many inquiries you have.

[Anonymous]

As Gmood pointed out, underwriting in regards to auto financing isn't inquiry sensitive. The only time inquires may play an effect is when there is an astronomical amount of inquires alongside high CC utilization, which worries underwriter's because of escalating debt.

Auto lender's are more concerned with payment history, history and ability to pay previous/current installment loans, LTV, PTI, DTI, job time and residence time.

Inquires typically play no effect in decisioning an auto loan except for the above mentioned scenario. Auto lender's will use excessive inquiries or too many recent inquiries as a "denial" reason if they decline the loan just because it is an easy AA code to use.

[Anonymous]

Is it better to get preapproved with TFS online or through the dealer?  Scores are in the upper 500s to mid 600s depending on bureau.  

Im not looking for 0%, just a decent rate.  

[Anonymous]

TexasFamMan,

Try through Capital One auto financing first. We went through them first just to see what range of interest rate we’d get. Get pre approved and then go to dealership. You’ll have financing in place, if you get approved through Cap1, and then maybe the dealership can get you a better rate with Toyota since you’re in store and they see what offer you already have. Perhaps they can get you a better rate just so they get the sale and get some kudos from their Corp for getting the financing.

[Anonymous]

I tried the Capital One Auto Navigator for an auto refinance but was turned down.  I did have 2 CapOne CCs included in our BK though so that may be why.

I'm currently waiting to hear back from PenFed on an auto refinance recon.  I'd rather refinance if I can but if TFS can get me a better rate on another vehicle that's the route I may take.  The dealership I have been working with won't quote me anything without coming in and I just don't want my credit shot all over the place.