What is the Best way for an Evo Loan?
Newbie
Joined: Sep 2001
Posts: 89
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From: ATL
Everyone please becareful.....
I would let your dealership shop around for you. They were able to get me a much better rate then my own bank would or I found on the internet. They can act as a broker of sorts and contact many local loaning institutions.
Remember that when a dealership runs your credit...not only do THEY (meaning their financing co) run you credit but everyone they send your info to run your credit as well.
Every time they run it( inquery), it deducts 3 points off your score. Keep that in mind.
Evolving Member
Joined: Mar 2003
Posts: 108
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Fallacy: My score will drop if I apply for new credit.
Fact: If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple requests for your credit report information (called "inquiries") will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.
From myfico.com
Fact: If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple requests for your credit report information (called "inquiries") will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.
From myfico.com
Evolved Member
Joined: Sep 2002
Posts: 942
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From: Minneapolis
Originally posted by BIgDaddy78660
Fallacy: My score will drop if I apply for new credit.
Fact: If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple requests for your credit report information (called "inquiries") will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.
From myfico.com
Fallacy: My score will drop if I apply for new credit.
Fact: If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple requests for your credit report information (called "inquiries") will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.
From myfico.com
You can try to find some car loans online, like www.peoplefirst.com www.eloan.com www.autocreditfinders.com
I got my loan for peoplefirst.com at 3.99%
I got my loan for peoplefirst.com at 3.99%
Newbie
Joined: Sep 2001
Posts: 89
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From: ATL
BIgDaddy78660
Depending on your credit and the dealership...they can hit you up bad. I've seen family get hit up and i've seen others not. It just depends on you and your choice. I specifically would tell a dealership a limit.
It still drops your score and you better hope that whomever is judging your score will not count those "inquerys" against you. The big three credit companys aren't too bright when it comes to getting our/your information correct ya know?
Better safe than sorry.
It still drops your score and you better hope that whomever is judging your score will not count those "inquerys" against you. The big three credit companys aren't too bright when it comes to getting our/your information correct ya know?
Better safe than sorry.
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