auto loans

[Anonymous]

I see in these posts that alot of people give the credit bureau that was pulled to get them financing. Doesn't a dealership pull all 3 bureaus?  I quess my credit would buy a car TU 676 EQ 650 EX 616  my worry is if they pull Ex I may be denied. I've heard that it's easier to fimance a new rather than a used. Is that true?  Because I'm just looking for a used truck 2003 to 2005 for around 10 k to 12k with 2k down.  I really do not want new. Here in Calif. we hear all about the dealerships hurting for business, but at the same time they have no money to lend. Thanks for listening

[203bravo]

TSK TSK..(believing the sky is falling because the news said it is) auto lenders have plenty of money to loan.. They may just may not want to let it go to risky customers.  Also keep in mind that car dealerships do not make loans, they work with many lenders and attempt to shop you business to anyone that will take it.  The lenders decide what CR they deem most important to them, they have to be members of the CRBs and often times only pull from one.

But, yes, if you fill out a credit app at the dealership and then pull your reports (all 3) you will see INQs from companies you have never heard off 

As for the used v new idea:  Dealerships want to sell cars, manufacturers want them to sell new - so many times they offer incentives for the sales staff to push the new cars.

And the more equity stake you have in any deal, the easier it will be to get a lender to partner with you.  The more of a cash downpayment the better your chances.  They don't want to see anyone with risky credit drive off the lot in an "upside down" situation.  They take all the risk on the loan until you pay for any and all depreciation.

Message Edited by 203bravo on 01-23-2009 11:14 AM

[pattycake]

I strongly recommend getting financing before going to the dealership.  Try a credit union - they tend to have better rates than some of the major credit companies.  Good luck!