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Financing 2 atv's

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Anonymous
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Financing 2 atv's

I would like to finance 2 atv's. But i believe each atv needs its own application. I would like to avoid extra inquiries, and not sure i would be given 2 loans immediately after another. I have a low DTI, and FICO is 730. I was thinking of getting a personal loan. But i think they have high rates. Your thoughts? Are their any other options?

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Anonymous
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Re: Financing 2 atv's

You could certainly meet with a loan officer for every bank and credit union you have a relationship with and ask them whether in principle they could review both loan apps at the same time based on a single credit pull.  A phone call might be all you need -- not even a sit-down meeting  Just be sure, if you do that, that you are extremely clear that you are just gathering information in general and you do not want them to pull your scores right now.  (Tell them you have no problem tell them your scores, but you do not want them to pull them at this point.)

 

I don't know how FICO treats shopping for an ATV loan.  If they treat it like a car loan, it may be that you could have many inquiries in a short time period and they would all be compressed, for scoring purposes, into a single inquiry.  One of the veterans here should know.

 

What strikes me as a terrible idea is to get a high-interest personal loan because you got scared of having two inquiries rather than one.  Two vs. one is a very minor deal.

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