I want to finance a car but I went to a dealer and the salesman told me that I need to apply first to know how much I have to pay monthly, because its depend of my credit report. If the bank approve me the loan but i have to pay more than I can pay, Can I rejected? If I can, that desicion could afect my credit report?
2007-09-02 02:20:46 · 3 answers · asked by yisarizoe 1 in Business & Finance ➔ Credit
It can affect your credit report. Esp if you go to a couple of daelerships. Dealerships may "throw" your loan out there to the credit world and your credit may be pulled by 10-15 companies. Do this a couple of times and your credit will drop 40-50 points. the credit companies also see this as you arent seriuos about the loan. Heck one time and it could drop 20 points. Best thing to do, Go get preapproved by your bank or credit union.
2007-09-02 02:29:58 · answer #1 · answered by Bob D 6 · 1⤊ 0⤋
Definitely good advice to go to your bank or credit union and get pre approved. You'll probably get better interest rates.
Once you find out how much the bank or credit union will finance, check in the papers or online for what kind of car falls into your price range. Go to the dealer prepared.
I hate when you can't get the car salesman to tell you the price of the car. They just want to know how much payment you can afford!
2007-09-02 04:58:02 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
You can always turn down a loan, but the hit to your credit report remains.
2007-09-02 02:27:19 · answer #3 · answered by Alterfemego 7 · 0⤊ 0⤋