How do you go about finding the best deal for refinancing a car loan without multiple hits on credit report?

Top incoming search terms for this post

4 Responses to “How do you go about finding the best deal for refinancing a car loan without multiple hits on credit report?”

1. Sheena on: 30 November 2009 at 1:24 am

   Have you tried providing your own credit report? There’s no adverse action from requesting your own credit file, and I’ve been told that as long as it’s been w/in 30 days, then they have no right to refuse it, I mean, it’s the same information, they get what information they need and you do too!

   Excellent luck with the refi
2. dave_martin_7777 on: 30 November 2009 at 1:24 am

   Find out your credit score (FICO) and tell the lender what it is without revealing any more information.

   Phrase it as a hypothetical question.

   "What would my loan be if….?"

   You should be able to get your credit score for free and it’s ALWAYS a excellent thought to check up on it.

   It’s the FIRST thing any lender will look at.
3. TMac23 on: 30 November 2009 at 1:24 am

   If you pull a few credit reports on the same day for the same reason (shopping for a car loan), this will be viewed as 1 inquiry.

   If you are eligible for Credit Union membership you will find brilliant rates there.

   It seems like people over analyze car loan rates, for example:

   $20,000 loan for 5 years:
   8% = 405.53/mo
   7.75% =403.14/mo
   7.50% = 400.76/mo

   Real shopping should be saved for the HUGE TICKET…a home.
4. Norman G on: 30 November 2009 at 1:24 am

   Multiple credit inquiries on your account from lenders in a very small period of time (a week or so) do not overly impact your credit score in a negative fashion – they are essentially treated as just one overall inquiry by the score calculation.