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

Question

I have a good payment history on my car loan for 18 mos. I want to refi, but do not want to keep getting hits on my credit report while shopping.

Answer 1

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!

Good luck with the refi

Answer 2

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 excellent 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 BIG TICKET...a home.

Answer 3

the difficulty, as properly the 7 12 months "ding" on your credit. (And calling a repo a ding is like calling a bullet wound a minor abrasion) Your difficulty is they might sue you and in maximum states (Texas & South Carolina are 2 exceptions, i think of) while they win a judgment, it fairly is all yet assured, they might garnish your paycheck to the music of 25% PRETAX & PRE DEDUCTIONS. that's 25% of your GROSS pay off the best of each paycheck till all the deficiency plus repo & storage & sale expenses is paid off. So, in case you have a garnish-in a position activity, you ought to think of two times approximately it . $six hundred a month for a vehicle may be greater fee-effective than the alternative. $six hundred-one thousand+ consistent with month for no vehicle. (Assuming you earn $2400-4000 consistent with month) Now, some agencies might settle for money merely before suing you yet I cant see how they might settle for something decrease than $250-3 hundred and perchance not that. No hassle-free way out of a demanding concern.

Answer 4

Multiple credit inquiries on your account from lenders in a very short 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.

Answer 5

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 good idea to check up on it.

It's the FIRST thing any lender will look at.