Current interest rates
#21
07-26-2022, 07:55 PM
Rock Crawling
Yes, you can! I was also told by my BOA rep that you can check rates at multiple banks within a two-week period I believe and it won't ding your credit score.
So I pulled my BOA one once I knew I was two weeks (pretty sure that's the time frame but should verify) that way when the dealer pulled and if I needed to look elsewhere when the car arrived it wouldn't affect my credit score.
Edit - Ya here is a response confirming what my rep told me. Again, you may want to triple-check that with your BOA rep. From a convo about credit pulls on Quora.
So I pulled my BOA one once I knew I was two weeks (pretty sure that's the time frame but should verify) that way when the dealer pulled and if I needed to look elsewhere when the car arrived it wouldn't affect my credit score.
Edit - Ya here is a response confirming what my rep told me. Again, you may want to triple-check that with your BOA rep. From a convo about credit pulls on Quora.
You can apply to as many lenders as you want to. If they obtain your permission, they can each request your credit report. There’s no limit except to your patience in going through the loan application process.
Your credit score will consider multiple credit inquiries for vehicle loans (to any given credit bureau) within a 2 or 3 week period, as a single inquiry. But if the lender who makes the inquiry fails to identify that the credit application is for a vehicle loan, then the credit scoring algorithm will not know that it’s supposed to eliminate that inquiry.
Bear in mind that except for mortgages, most lenders will only pull credit from a single credit bureau, so that a given inquiry will only show up on the credit report from that credit bureau, because credit bureaus do not share their inquiries with each other.
Your credit score will consider multiple credit inquiries for vehicle loans (to any given credit bureau) within a 2 or 3 week period, as a single inquiry. But if the lender who makes the inquiry fails to identify that the credit application is for a vehicle loan, then the credit scoring algorithm will not know that it’s supposed to eliminate that inquiry.
Bear in mind that except for mortgages, most lenders will only pull credit from a single credit bureau, so that a given inquiry will only show up on the credit report from that credit bureau, because credit bureaus do not share their inquiries with each other.
Last edited by inater; 07-26-2022 at 07:59 PM.
#24
07-27-2022, 08:16 AM
I am putting like 30% down though so I’m comfortable with that for now!
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mikelr (07-27-2022)
#25
07-27-2022, 08:25 AM
Rock Crawling
Most here probably could pay cash as well. With rates as they were, it was smarter to finance. The finance would cost less than the principal would otherwise earn. And if you ever needed to or wanted to pay it off early, well you always have the cash stuffed under the mattress, right? Not quite so clear cut when rates are over 5% and the market softening, but it’s probably still cheaper to finance. Debt you don’t need isn’t slavery, it can make you money.
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Defend1 (07-28-2022)
#26
07-27-2022, 10:45 AM
So I’ve been shopping around a little bit more. Affinity Federal Credit Union just quoted me 3.49% for 60 months. (My credit score is mid 800’s for context.) Going to keep shopp- and as I am typing this my sales guy just texted me that my delivery date was pushed back to 9/9 now due to railway protests in Germany. That it’s been built since 5/30 and is sitting waiting at the dispatch gate. So much for my 30 day lock 😬
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