How will applying for an auto loan on-line at several places affect my credit rating?

I heard that comparing auto loans before shopping for a car is a prudent thing to do. But I've also heard that every time you apply for a loan your credit rating is negatively affected. What's the truth?

How will applying for an auto loan on-line at several places affect my credit rating?

This is a common misconception about FICO scores. While having too many inquiries on your report can lower your score the timing and frequency make a difference. Because it's common for most people to shop their loan to multiple lenders the scores block out a period, usually 30 days, to count as a single inquiry. So if you're shopping for a loan it's best to do it all at once. They'll all show up on your report but the scores will only count them once.

Where you hurt yourself is if your shopping for a new credit card, loan, line of credit etc every couple of months. Usually the number of inquiries are counted over a 12 month period. And it's worse if you were shopping recently vs. 6 months ago. The recency makes a difference as well. Which is why it's best not to do anything 6-12 months prior to a mortgage application.

How will applying for an auto loan on-line at several places affect my credit rating?

Each time you apply, the loan company runs your credit report. Excessive inquiries can lower your rating.

How will applying for an auto loan on-line at several places affect my credit rating?

In general every time a lender checks your credit your score drops x number of points. The lower your score is the less likely you are to get decent financing. It seems to be a catch 22.

How will applying for an auto loan on-line at several places affect my credit rating?

Applying at a lot of places is bad. This is why, when you buy a home, they tell you to not do ANYTHING credit wise till your house is signed on and all.

How will applying for an auto loan on-line at several places affect my credit rating?

There are many auto loan options available today. Today, stiff competition among auto loan financing companies%26lt;!--has made it possible to get a car loan or an auto loan at favorable terms.

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However, before you sign the paper for financing your favorite set of wheels, do your homework to ensure that you get the best car--%26gt;finance option. You can apply for online car loans on the Internet, or get it from your car dealer.

How will applying for an auto loan on-line at several places affect my credit rating?

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