So on this past saturday the 17th I went to Quality Suzuki and saw a nice 2005 Dodge Neon, after being molested with offers I decided no because they never once gave me the price of the car, they always estimated it was 8000 "or so" so when they showed me the rough numbers it came out to 14000! after tt&l and of course I was like OMG. So he told me well these are just rough numbers, I can run your credit to see the exact payments etc... So i filled out a credit application, my 2 scores were 656 and 650, will my scores go down since I declined thier offer for the car? Also I found a better more affordable car at Red McCombs and I was thinking of filling out the credit appliction online just to see if how well I get financed. Will either of these hurt my score much if they are less than a week apart? I heard that I can check several places within 14 days without it showing as several but only 1 inquiry on my credit report. Please help me.
2007-02-19 03:02:39 · 6 answers · asked by emo_rox12 1 in Cars & Transportation ➔ Buying & Selling
Yes I do have a bank, its Frost Bank and Ive been with them since August of 2005, when i started college. I just didnt know the situation about running credit app. with lowering points. So I should get pre-approved for a loan from my bank first? Should I wait for my next credit score update? The one he gave me was slightly incorrect because that friday night before I had paid my credit card 650$ so maybe my score would be higher if I check it in a couple of weeks? Also I am getting my laptop put in my name this week (my father took it out for me) and It will be on my next credit report when they check it, so should I just wait a couple of weeks till the adjustments go on my credit report/score?
2007-02-19 03:26:49 · update #1
Well Ive found a nice 2002 Kia Spectre for 4595 at RedMccombs.com and well I have 2000 to put down on it and I can afford at the most 250 a month but I really want 200 or less a month. I can pay off this car in less than 2 years, because next imcome tax i will put down another 2000. So what should be my next move? get that preapprove loan for what 5000? Or should i wait till my credit report is updated with so many changes? Also this Kia has 65000 miles which is good based on 15k a year.
2007-02-19 03:31:19 · update #2
Your score does not go down by a few points everytime you have your credit pulled. However, a large number of inquiries during a 30 day cycle could have a slight impact. Your score dropping everytime someone pulls your credit file is no more than a myth. And you do not have bad credit as the last poster alluded to.
2007-02-19 03:18:45 · answer #1 · answered by Gary N 2 · 0⤊ 0⤋
Your credit is actually better than the national average and you could afford to negotiate a little. As for how many times you get your credit checked, yes, that can hurt your score, because when the first place ran a check, various banks had to check it, so in that one time, a few different institutions actually checked it. Your best bet is to look at vehicles that you like online, make a list, look them up at the kbb site (this gives you an estimate of how much it's worth) and it prevents you from getting completely ripped off. Then save up for a nice deposit so that your monthly payments won't be so high. And when you walk into those places, tell them where you want your payments to be around, so they're working for you, but stay around the price range that kbb provided for the vehicle. There are better deals out there, and try to shop around areas that aren't known for giving people bad deals, 'cause there's no way I'd pay 14000 for an '05 Dodge Neon, they deppreciate quick!
2007-02-19 03:26:11 · answer #2 · answered by HappilyEverAfter 4 · 0⤊ 0⤋
Do not do financing with the dealership if you can help it. If you have a credit union, or even just your savings bank, ask them what interest you would pay for a car loan. Get them to preapprove you for a loan (you'll need to know which make car you want for an exact quote). Then when you go to the dealership, you will have an interest rate to bargain with. The dealership will take advantage of you if you allow them to just offer you a rate. Believe me, it's worth the extra effort.
Don't worry about the credit inquiries. Do what you need to do to get a good deal for yourself.
2007-02-19 03:30:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You have bad credit, but that usually doesn't change the selling price of the car. Usually it means you get a worse loan (higher interest rate), or a larger down payment, or some sort of security deposit fee.
Do you have a bank account?
Go to your bank & get pre-approved for whatever you can qualify for. Then go car shopping, you know what you can get that way.
I think you should avoid used car dealers unless you are actually friends with someone who works there, they tend to live up to the stereotype.
Go to a manufacturer dealership, ask about their used cars, and have your pre-approved letter with you. They'll know you are earnestly seeking to buy, and will try very hard to find something that you like and get you into it.
2007-02-19 03:11:22 · answer #4 · answered by Sam Fisher 3 · 0⤊ 0⤋
Multiple credit inquiries involving car financing counts as ********ONE******** as long as they are within a 1 or 2 week time frame ( i forget which).
Instead of applying over and over, why not try to get pre-approval from Capital One or HSBC? You shouldn't have a problem getting approved with 650, but don't expect their best rate.
2007-02-19 05:53:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋
the fact that you turned down the offer, will not hurt your score, however everytime you run a credit check your score goes down just by a few points. Try to keep it to a minimum and you'll be fine
2007-02-19 03:06:55 · answer #6 · answered by Anonymous · 0⤊ 1⤋