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Old 06-03-2018, 04:34 PM   #1
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Loan applications

I have had few quotes from lenders as well as dealer and planned to run at least two loan applications, going with best rate. Well dealer came back with a rate that currently beats all with closest being 1/4 percent higher. Coach won't be finalized until late June would it make sense to run offical application with the lender that is slightly higher in case something goes south during finalizing dealer? Example: terms not what was promised.
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Old 06-03-2018, 04:51 PM   #2
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The problem you face is your credit score. If you have 2 applications it "MAY" cause some doubt in the minds of the lender. Try to get the dealer to put 'everything' in writing and have it signed by the finance manager and their General Manager (In case the finance manager moves on to another job)
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Old 06-03-2018, 04:55 PM   #3
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The problem you face is your credit score. If you have 2 applications it "MAY" cause some doubt in the minds of the lender. Try to get the dealer to put 'everything' in writing and have it signed by the finance manager and their General Manager (In case the finance manager moves on to another job)
Thanks. Dealer ran Equifax which was 825. Didn't run any other CRA. The other lender uses TransUnion which currently is 850.
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Old 06-03-2018, 04:58 PM   #4
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Having a high score is great but when they see 2 applications at the same time, it may, as I mentioned, cause a problem with the lender.
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Old 06-03-2018, 06:17 PM   #5
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Quote:
Originally Posted by LJowdy View Post
Having a high score is great but when they see 2 applications at the same time, it may, as I mentioned, cause a problem with the lender.
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Old 06-03-2018, 07:31 PM   #6
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Having a high score is great but when they see 2 applications at the same time, it may, as I mentioned, cause a problem with the lender.
This usually is not the case. The scoring algorithms recognize multiple checks within a short period of time as only one. You're not penalized for shopping around. Now if you do another round a month or so later that might be a different story.
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Old 06-04-2018, 09:47 AM   #7
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This usually is not the case. The scoring algorithms recognize multiple checks within a short period of time as only one. You're not penalized for shopping around. Now if you do another round a month or so later that might be a different story.
Thanks! This is exactly how I read it. I think what he was trying to say (I could be wrong) is if another application was filed they would see the previous pull and not look kindly to it. Not sure why, they know you are shopping. Bottom line if they want your business they will offer best rate based on credit score, not whether your considering another lender. IMO
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Old 06-04-2018, 04:52 PM   #8
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Just make the sales contract contingent on getting the rate & terms promised. Ask the dealer F&I guy if the rate is "locked in" and make a note of the date/time/names for that conversation. The dealer is motivated to make the sale and won't want to screw around.
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Old 06-04-2018, 09:12 PM   #9
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Just make the sales contract contingent on getting the rate & terms promised. Ask the dealer F&I guy if the rate is "locked in" and make a note of the date/time/names for that conversation. The dealer is motivated to make the sale and won't want to screw around.
Finance person sent email stated it was locked in and what the interest rate was. I'm definitely keep email (printing as well) to use if for some reason short term memory kicks in.
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