I want to refinance my car how many different banks can I apply to before it will hurt my credit score?

Question

I was told 3 times is this right?

Answer 1

Auto finance is what I do for a living and normally when people are looking to buy a vehicle it doe's not matter because all inquiries made in a 14-day period are lumped together and only count as one hit. They all show but your credit only gets dinged once.

In your case though you are applying direct so every inquiry will result in your credit score being lowered from 3-5 points.

Additional information.

Yes you must apply to find out the interest rate. The only way any lender can determine the risk and assign a rate is to first look at your credit report.

Answer 2

To be very honest everytime someone pulls your credit score your points drop by ten points. Three companies would mean your score would drop by 30 points before you secure a loan to refinance your car. So, think wisely before you let anyonepull your credit. I suggest you get a copy of your credit report on your own and take it to tghe banks they access information based on the informationy ou provide them from your credit file.

Answer 3

Are you looking for a better interest rate? You don't have to apply to find out what the interest rate for the car loan would be.

Or are you shopping for someone to approve you with your credit history?

Answer 4

I think your score is more based on your payment history