How to do car shopping without having a great impact on your credit!
Let’s talk about credit inquiries when doing car shopping at a dealership.
I hope you get to watch This BEFORE You Go to The Dealer! Either way we have you covered. This can affect anyone who is going to or already has gone to a dealership to buy a care. It doesn’t matter if you actually got the car or not. So listen up.
Here is the scenario while car shopping:
You go to a car dealership the salesman says authorize us to pull your credit so we can assess the financing options for your car loan.
Here is the problem:
Often, they don’t pull it one time. They pull your credit multiple times when you do car shopping.
Why do they do that?
They tell you it’s because they want to get you the best interest rate the best payment option. I’m here to tell that is BS. They are getting a yield or a kickback from those finance places. The local credit union may offer the dealership $2,000 to get your loan. But then the big fish Capital One Auto finance says we’ll give you $3,500. There is a dealer incentive to pull your credit. Each credit pull results in and inquiry that can remove 2-5 points from your score.
If that happens 10 times it can slam your credit score down quickly.
So be careful if you’re doing car financing share our posts like our page and come back for more
Here is The Solution:
Visit your bank or credit union before you go to the dealer. Let them pull your credit and give you an idea what you will qualify for BEFORE you even start shopping.
Did it already happen?
Now it’s time for you to dispute those inquires with the bureaus. You didn’t authorized them to kill your credit did you? No, of course not. So let the bureaus know you only authorized a single credit pull.
We don’t typically recommend disputing things on your credit report but this is a prime example of when you probably should. Don’t waste your money paying a company to do this for you. You can dispute for free using Credit Karma. We’ve tested and their dispute wizard works great.
If you are planning on buying a home in the next year, you don’t want disputes on your account. Use a free service like The Credit Movement to get prequalified on your loan BEFORE you contact your lender.
Or, even better, click HERE and get your 3 bureau report for only $1. With that $1 report we will give you a free credit analysis! Right here from the Credit Movement. Best part is there is NO inquiry made on your credit when we do this for you.
As Always… In case you haven’t yet, here’s how you get started.
Tap or click here to get your $1 credit report.
We’ll need it to do your credit analysis.
This is for a $1 seven day trial.
You can cancel it in the first seven days if you want, but we need this as a first step, in order to help you.
You will get a login and password for IdentityIQ, when you set up your $1 trial.
Go to this page on TheCreditMovement.com.
Share your username/password for IdentityIQ in the form on the page.