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Old 10-12-2013, 05:59 AM   #21
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Buying a new car question..

Originally Posted by Brad W View Post
if you are a CU member already, talk to them first.

If the dealer goes through the CUDL network, that loan would end up being through a credit union too.

Dealers do get a bit for the loan, but they get more from add on crap like extended warranties, GAP, and a variety of other fees. Always go direct with your CU for GAP, which I highly recommend. For those that don't know, it is a rather small monthly fee that will cover the gap between what you owe and what your insurance company pays you if the car is totaled. The way value drops out on cars, you can get caught having to shell out cash on a car you no longer get to drive just to get out from the loan.

As far as multiple credit pulls, its about the number of inquiries over time. If you spend a month or two trying to buy a car and keep letting dealers run reports on you, it can start to have a negative effect. If you have a handful of inquiries over a few days, the bureaus recognize this as a natural part of car buying and typically only record it as one single inquiry
I've only seen gap insurance kick in once. Put a reasonable down payment on your car and you'll be fine.

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Old 10-12-2013, 09:19 AM   #22
Vinnie Vega
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Originally Posted by JonJon View Post
Get your own financing and rate.

Dealer doesn't have to give you the rate you are approve for.

The can increase it

and will!

Wait for dec. when they offer 0% .

Last edited by Vinnie Vega; 10-12-2013 at 09:20 AM.
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Old 10-12-2013, 03:11 PM   #23
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Re: Buying a new car question..

Originally Posted by 06E46M3 View Post
beware that doing so may result in a hard pull and lower your credit score for a few months. so if you get your dealer to run your credit and a few other banks your score will drop every time and make your rates worse. it may just be a soft pull tho. dunno
This is usually not true if they are run within a close period of time. Don't have a credit score run anywhere until you are ready to buy. Pulling 3 scores in a week for a car loan won't hurt you, but if you do it now and then again in a couple months it will.

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Old 10-12-2013, 06:21 PM   #24
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Originally Posted by GlockMan View Post
Dealers make more on financing than the car.

Get your best pre-approved rate, then see what the dealer can do.

It is my understanding that major purchase inquiries are all considered one inquiry on your credit report if pulled within a month or less (car, home, etc.)
This. As GM and others mentioned, check with your bank, credit card company or CU before you go car shopping. The dealer may be able to offer a better deal on a loan, but you won't know if their deal is good or not unless you've done some loan shopping in advance.

Also remember that in addition to rate, you need to know the term and fees associated with each loan offer.

In addition, if you're pre-approved for financing before you go to the dealer, it makes it easier to make the initial conversation about the purchase price of the car. If you tell the dealer you're going to finance through them, they'll immediately make the conversation about monthly payment, which is a great way to distract you from the total purchase price.

Initially, tell them you're paying cash. Haggle first on the purchase price, including any options, warranty, etc. Once that number is set, THEN tell them you're interested in financing and ask what credit terms they can offer you on that purchase price. When they come back with the credit offer, if it's better than the bank/CU, take it. If it's worse, tell them your bank/CU gave you a better deal, ask if they can either match/beat it.

As the paperwork gets done, make sure they don't slip in stuff to inflate the purchase price you negotiated before.

Last thing, it used to be that multiple similar inquiries (revolving, auto, mortgage) within a 14 day period would be treated as a single inquiry.

I checked the CBRs' websites for specific time frames. Can't find anything on Equifax, but here is info from Experian:

Will I be penalized for shopping around for the best interest rate?

Too many inquiries may have a negative impact on your credit score. However, most recently developed credit scores recognize when a consumer is shopping for the best rates and either ignore multiple inquiries or count them as only one inquiry if they occur within a specific period of time. In such cases, shopping around will have little or no impact on a credit score.
and TransUnion:

Your score drops if you check your own credit.

This widespread credit misconception fools a lot of people, but viewing your own report and score is counted as a "soft inquiry" and doesn’t change the score one way or another. “Hard inquiries" by a lender or creditor, such as those resulting from your applying for credit, can slightly lower your credit score. If you’re shopping for a loan and concerned about harm to your score, know that multiple loan inquiries within a period of a few weeks are usually treated as a single inquiry to minimize impact.
Originally Posted by NOVAbimmer View Post
Buying a house, two cars, and three bikes between 2011 and now hasn't hurt my credit score in the least. I'm actually higher now than I was when we bought the house.
Assuming you're making every payment on time every month, adding 6 term loan credit accounts to your credit report over 2 years SHOULD raise your score. The inquiries may have lowered your score for a short time after they were made, but that was more than offset by the commensurate increase you'd expect to see from adding such high-quality accounts to your credit record.
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Old 10-12-2013, 07:43 PM   #25
Brad W
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Originally Posted by NOVAbimmer View Post
I've only seen gap insurance kick in once. Put a reasonable down payment on your car and you'll be fine.

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Just because you have only seen it happen once doesn't mean it doesn't happen pretty regularly. The couple bucks a month paid off for me personally, and since I work for a credit union, I'm pretty familiar with how it has helped our members on more then enough occasions that it clearly makes sense under the right circumstances

Obviously if someone has enough down that they would never be upside down, it doesn't make sense, but not everyone has that luxury.


Last edited by Brad W; 10-12-2013 at 07:43 PM.
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Old 10-12-2013, 07:45 PM   #26
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Buying a new car question..

Originally Posted by Vinnie Vega View Post
and will!

Wait for dec. when they offer 0% .
Yes and no. Make sure you know what your going to pay for the car. Sure they might offer 0% but if you don't know the market they will just bang you on the front end if the deal to make up for it.

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