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06-03-2018, 04:34 PM
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#1
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Senior Member
Join Date: Aug 2017
Location: Fredericksburg, VA
Posts: 339
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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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2018 Baystar 3414 - Delivery June 2018
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06-03-2018, 04:51 PM
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#2
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Senior Member
Join Date: May 2013
Location: Ontario, California
Posts: 2,429
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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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[SIGPIC][/SIGPIC]2016 Newmar Dutch Star 4369
Newmar Owners Club
USAF 1966-1969,- Law Enforcement 1969 - 2003, Retired since March 2003
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06-03-2018, 04:55 PM
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#3
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Senior Member
Join Date: Aug 2017
Location: Fredericksburg, VA
Posts: 339
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Quote:
Originally Posted by LJowdy
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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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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2018 Baystar 3414 - Delivery June 2018
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06-03-2018, 04:58 PM
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#4
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Senior Member
Join Date: May 2013
Location: Ontario, California
Posts: 2,429
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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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[SIGPIC][/SIGPIC]2016 Newmar Dutch Star 4369
Newmar Owners Club
USAF 1966-1969,- Law Enforcement 1969 - 2003, Retired since March 2003
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06-03-2018, 06:17 PM
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#5
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Senior Member
Join Date: Aug 2017
Location: Fredericksburg, VA
Posts: 339
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Quote:
Originally Posted by LJowdy
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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2018 Baystar 3414 - Delivery June 2018
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06-03-2018, 07:31 PM
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#6
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Senior Member
Join Date: Feb 2017
Location: Arizona
Posts: 174
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Quote:
Originally Posted by LJowdy
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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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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06-04-2018, 09:47 AM
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#7
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Senior Member
Join Date: Aug 2017
Location: Fredericksburg, VA
Posts: 339
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Quote:
Originally Posted by ageishecker
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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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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2018 Baystar 3414 - Delivery June 2018
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06-04-2018, 04:52 PM
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#8
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Moderator Emeritus
Join Date: Jan 2000
Location: West Palm Beach, FL. USA
Posts: 27,704
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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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Gary Brinck
Former owner of 2004 American Tradition and several other RVs
Home is West Palm Beach, FL
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06-04-2018, 09:12 PM
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#9
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Senior Member
Join Date: Aug 2017
Location: Fredericksburg, VA
Posts: 339
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Quote:
Originally Posted by Gary RVRoamer
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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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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