some question about New Car Loan ?
I am preparing to purchase a car. I am trying to find the lowest APR I
can obtain on an auto loan. I have saved $3,000.00 for a down payment.
How may I obtain a loan with a low APR without generating many
inquiries on my credit report? I am not sure if that's possible. I
would like to be able to shop around for the best rate.
Are there software programs or formulas that I could use that might
help? Advertisements by auto dealers have been catching my eye. The
most recent one I saw offers 0.9% financing. Such an APR would be for
those consumers with the highest credit. I would like to determine
what range I might fall into (without generating a hard inquiry if
possible.)
I am considering applying for an auto loan with my credit union. I
currently only have one hard inquiry listed on my credit report (as
reported by Equifax, Transunion and Experian.)
My FICO score is reported at 620. (I filed for bankruptcy over two
years ago.) According to www.myfico.com , this FICO score might
qualify me for a rate of 7.5% APR.
Can or do car dealership financing companies (or other financial
institutions) determine eligibility for loans (and appropriate rates)
without generating hardinquiries?
- You don't need to look at your credit report in order to find out
what an auto loan's interests rates are. Start with the manufacturer of
the cars you have in mind and ask them what they can do in terms of an
auto loan and also keep mind mind,