If you went online and filled out a finance application for one dealership, and then went in person to another dealership a couple of hours later and filled out one in person, what would happen? Can you fill out 2 different ones to see which one goes through?
2007-04-01 10:48:11 · 3 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
This is an application for credit, not an offer to purchase the car. Do it as often as you like, but things get serious if they ask you to sign an offer on the car and to provide a nonrefundable deposit
2007-04-01 11:10:17 · answer #1 · answered by jimanddottaylor 7 · 2⤊ 0⤋
Most dealer credit checks are only for the purpose of determining your overall credit rating, not to actually apply for a loan. Only when you've decided to actually buy a car is your appplication sent to a finance company, who will approve you or not.
So it doesn't matter how many "applications" you make. All credit history checks within about a 45 day period are counted only as one inquiry on your credit history.
If a dealer is really anxious to sell a car, he may tell you that you will be approved and complete the deal. But the deal isn't done until the finance company approves. When the finance company finds out you actually have bad credit (days or weeks later), you'll either have to return your car or sign a new deal for higher interest rates.
2007-04-01 18:00:35 · answer #2 · answered by Anonymous · 1⤊ 1⤋
If both apps go to the same finance company, I would say no. They would reject the second one.
2007-04-01 17:51:39 · answer #3 · answered by JeffyB 7 · 0⤊ 0⤋