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Ok so I know my credit score from all 3 beaureus its 681, 681 and 690. So i talked to a finance person from a dealership and they said that my score is actually 623 and that auto loan scores are different from the regular scores. i'm like what? I never heard of this before. ? I know that having below 680 credit will make your APR higher and I think i am being scammed into paying a higher apr. A credit score should be the same for everything right?
The only TRUE (used by lenders) credit score is obtained at you are getting your credit score from Experian (plus score) or Transunion etc...this is not the score that creditors use and they are known to be off higher or lower than your actual FICO If you feel as though the dealership is giving you the run around...apply through the lenders on your own (internet)... (capital one, toyota, HSBC auto etc) they will send the check to you or the dealer & you can just pick out your car.
When did you pull your three credit scores? Your credit score could have dropped when the dealership pulled it from when you pulled it. There are lots of factors that influence your credit score. Auto loan credit scores are NOT different from regular credit scores. I'm not sure what he's talking about there. In car dealerships, they typically only pull one credit score from one credit agency instead of all three. The agency he used might be reporting a lower score than the other two agencies. Ask to see a copy of your credit report to see if the score they quoted you is accurate. You can also go to your local bank or credit union and get pre-approved for a car loan there. That way, you get quoted an APR up front and you don't have to worry about the dealership handling your financial information.
I used to work at a dealership. They pull your score from one source, not all three. Auto dealerships are known for being dishonest because, for the most part, they are... I was let go because I refused to lie to a customer. There was a large dent in a car I sold, I was told by the manager not to tell her so "she'd think she did it after she left the lot and she'd be responsible to get it fixed." I would not lie about this and told her as soon as she came back to pick the car up - the lot guys were detailing it for her. A better idea would be for you to go to your bank or credit union and get the loan secured for how much you expect to pay for the total. Then contact the dealership's fleet sales person. You can get a much better deal this way because the fleet person deals in volume of sales not in each individual sale so they aren't trying to make money off every little thing. Hopefully, you will pay less than the loan amount you're approved for. Another trick, in case you decide not to go with fleet. Don't play the let me check with my manager game or let them know your loan is already approved. Figure out how much you are willing to pay (go online and see how much the car is actually worth. If it's a used car it's easier.). Find out how much your trade is worth - if you have one. Then, if they need to check with their manager multiple times, simply tell them you don't have time for that. They are trying to wear you down. If they insist on checking with the manager; walk out to your car and prepare to leave. Chances are you will not get to your car anyway. They want to make money off you, if you leave they won't make anything. And, most dealerships try to get you to pay for the extras once you are in the financing office. Even if you already have your financing secured, they will try to get you to finance through them (you may get a better deal). They want you to buy undercoating (on the lot I worked at it was already sprayed on before anyone bought a car, so they scammed people into paying for something they already had done), the security system already installed (hint: if you go later and they are getting ready to close, tell them no because they don't want to stay late and take it off - you can still leave without the car and they don't make anything), the high end stereo system, etc... One thing you may opt for, if your loan doesn't include it or you haven't already considered it is GAP insurance. Doesn't cost a lot but it covers the "gap" between what you pay for the vehicle and what the depreciation value is once it's off the lot. If you total the vehicle on the way home, it's still your responsibility to pay for the whole loan amount...
It depends, I get my score from my Providian/Washington mutual credit offers it on line. However I have a indiana theft prevention service with Bank of America and they are always different. The BOA service gets it direct so I think that is correct. I have pulled hundreds and hundreds of "raw" credit report direct from the 3 bureaus as part of a pre-qualification for mortgage loans. These scores that are directly from the bureaus are accurate. But, please remember, credit scores change every month depending on the number of inquires, balance to credit limit ratios, and inactive or closed accounts can effect the scores.If you think you are being scammed to take a higher rate, either ask to see it, or tell them your going somewhere else. It;s your money they want, don't let them bully you into something you don't deserve. Hope this helps and good luck to you!
Auto financing hurts your credit scores you nust understand that they dont just look at your score they shotgun your info to many lenders and wait for one to come back with a rate. if you figure that thier credit pull makes yoru score go down 6 points after 6 pulls from seperate lenders your score will be lower. when you buy a car its always best to go to your own bank! It could also be the finance person wanted to raise the rate to make more money
I have never really had to deal with this issue. But one of my favorite sites for credit information is have a number of newsletters (free), and one of them specifically covers this issue. Look at over and maybe you can get some info out of it.
Just go to another dealership and let the 2 fight it out for your business...It is amazing how flexible they get when they have to compete...