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Credit Report and Auto Loans

Credit Report and Auto Loans

Old Aug 17th 2010, 7:42 pm
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Default Credit Report and Auto Loans

Hi guys,

Quick question on Auto Loans and credit history….

I am researching the best rates on auto loans at the moment – any help in identifying that would be appreciated. Generally, I find credit unions good so I have an account with one of them in the Bay Area and I think I am going to apply for a loan with them. What I wanted to know is, if I make multiple loan applications say a credit union and a bank, would that by any way impact my credit report twice? I heard hard enquiries within a certain time span are treated as one?

Note that I have been here for only a couple of months but I have some history given my amex transfer and other credit card. I signed up for the credit score application with Amex too and it gives me a decent score (I am guessing it’s because the start date on my amex. The app is called CreditSecure).

Any help appreciated.

Regards
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Old Aug 17th 2010, 7:45 pm
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Default Re: Credit Report and Auto Loans

Originally Posted by E3only View Post
I heard hard enquiries within a certain time span are treated as one?
Yep!

I'd get them all over within a week if I were you.

Note that dealers are going to be itching to run your credit score the moment you walk in the door. As soon as they have sufficient info, it'll be hit within the minute.
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Old Aug 17th 2010, 7:47 pm
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Default Re: Credit Report and Auto Loans

Originally Posted by E3only View Post
Note that I have been here for only a couple of months but I have some history given my amex transfer and other credit card. I signed up for the credit score application with Amex too and it gives me a decent score (I am guessing it’s because the start date on my amex. The app is called CreditSecure).
Underwriting is rarely done on credit score alone for big items. Don't be surprised to get knocked back for inadequate history, and don't expect the lowest rate.
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Old Aug 17th 2010, 7:48 pm
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Default Re: Credit Report and Auto Loans

Originally Posted by fatbrit View Post
Yep!

I'd get them all over within a week if I were you.

Note that dealers are going to be itching to run your credit score the moment you walk in the door. As soon as they have sufficient info, it'll be hit within the minute.
Thanks mate, just out of curiosity is there literature on this matter?

Also, I don't plan to get a loan with the dealer as I was told dealers are always expensive. (Is that right?) Hence my choice of credit union + 1 bank. Any suggestions appreciated.
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Old Aug 17th 2010, 7:49 pm
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Default Re: Credit Report and Auto Loans

Originally Posted by fatbrit View Post
Underwriting is rarely done on credit score alone for big items. Don't be surprised to get knocked back for inadequate history, and don't expect the lowest rate.
Yup, totally understand. I am just hoping the member since date 2002 on amex helps coz I know the Credit Secure score got a leg up!!
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Old Aug 17th 2010, 8:14 pm
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Default Re: Credit Report and Auto Loans

I got a loan from BMW Finance after being here for only 4 weeks with an interest rate of 3.9%. I had an Amex card in the UK for 10 years and got a US Amex as part of their global program, no idea if this helped me with getting the loan however.

Its worth at least having a conversation with the dealers, they may be able to offer you competetive rates.
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Old Aug 17th 2010, 8:33 pm
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Default Re: Credit Report and Auto Loans

Originally Posted by E3only View Post
Thanks mate, just out of curiosity is there literature on this matter?

Also, I don't plan to get a loan with the dealer as I was told dealers are always expensive. (Is that right?) Hence my choice of credit union + 1 bank. Any suggestions appreciated.
For used cars, that is probably the case but for new cars, the manufacturer of the cars usually has its own financing company to try to push cars off the lot with low rates. You proabably won't be able to get the lowest rates with new car financing (eg. 2.9% deals) becasue your lack of credit but it would probably be worth a try.

Anyway you may have leverage since the companies are trying to push the cars of their lots.
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Old Aug 17th 2010, 8:42 pm
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Default Re: Credit Report and Auto Loans

Originally Posted by Michael View Post
For used cars, that is probably the case but for new cars, the manufacturer of the cars usually has its own financing company to try to push cars off the lot with low rates. You proabably won't be able to get the lowest rates with new car financing (eg. 2.9% deals) becasue your lack of credit but it would probably be worth a try.

Anyway you may have leverage since the companies are trying to push the cars of their lots.
I am looking into used car at this stage. The basic models (new cars) are not as appealing to me. I am thinking an Acura.
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Old Aug 17th 2010, 8:42 pm
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Default Re: Credit Report and Auto Loans

Originally Posted by EricK View Post
I got a loan from BMW Finance after being here for only 4 weeks with an interest rate of 3.9%. I had an Amex card in the UK for 10 years and got a US Amex as part of their global program, no idea if this helped me with getting the loan however.

Its worth at least having a conversation with the dealers, they may be able to offer you competetive rates.
Thanks!

Did you transfer amex before or after being approved of the BMW finance loan?
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Old Aug 17th 2010, 8:46 pm
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Default Re: Credit Report and Auto Loans

I transferred my Amex card (well... its not really a transfer as you keep your UK card as well) before I got the BMW loan.
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Old Aug 17th 2010, 8:51 pm
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Default Re: Credit Report and Auto Loans

Originally Posted by EricK View Post
I transferred my Amex card (well... its not really a transfer as you keep your UK card as well) before I got the BMW loan.
That's true - I was told the card will be transferred but I found out that I still get to keep my AU cafd

Thanks for your help.
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Old Aug 17th 2010, 10:04 pm
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Default Re: Credit Report and Auto Loans

Originally Posted by E3only View Post
Thanks mate, just out of curiosity is there literature on this matter?

Also, I don't plan to get a loan with the dealer as I was told dealers are always expensive. (Is that right?) Hence my choice of credit union + 1 bank. Any suggestions appreciated.
Even if you don't get the loan through a dealer, you're probably going to get your credit pulled there. They'll tell you it's for the Patriot Act. If you want to amuse yourself, take the url of that despicable act with you, tell them to find the particular provision, then relax back with the paper and a smirk on your face. They'll come back in ten minutes and actually admit that it's for a backup contract in case your loan doesn't go through. Lying toads, the lot of them.

Ideas here: carbuyingtips.com
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Old Aug 17th 2010, 10:13 pm
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Default Re: Credit Report and Auto Loans

If your getting second hand, worth joining AAA and you might be able to get decent financing rate through them, even if it ends up coming from a local credit union in the end.
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Old Aug 17th 2010, 11:19 pm
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Default Re: Credit Report and Auto Loans

Originally Posted by fatbrit View Post
Even if you don't get the loan through a dealer, you're probably going to get your credit pulled there. They'll tell you it's for the Patriot Act. If you want to amuse yourself, take the url of that despicable act with you, tell them to find the particular provision, then relax back with the paper and a smirk on your face. They'll come back in ten minutes and actually admit that it's for a backup contract in case your loan doesn't go through. Lying toads, the lot of them.

Ideas here: carbuyingtips.com
Thanks, I am going to walk in with a pre approval in my hand.
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Old Aug 17th 2010, 11:20 pm
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Default Re: Credit Report and Auto Loans

Originally Posted by Bob View Post
If your getting second hand, worth joining AAA and you might be able to get decent financing rate through them, even if it ends up coming from a local credit union in the end.
You mean you can get a membership there without having any insurance with them? Sorry, how does the AAA membership help with financing?
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