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We continue to be surprised by the fact that quite a few borrowers with damaged credit still don’t understand why the credit scores used by car dealers often aren’t the same as the one they think they have.
Consumers with problem credit thinking of applying for an auto loan need to first check their credit reports to be sure they meet the minimum in-bureau requirements of the majority of subprime lenders.
It’s especially important that consumers with poor credit understand the impact that traveling from dealer to dealer or submitting multiple online car loan applications and the credit inquiries that follow might have on their credit scores.
Most car buyers with poor credit probably know that not paying their bills on time – or even at all – can both lower their FICO scores as well as either prevent them from getting an auto loan – either that or cause them to pay a higher interest rate from a subprime lender.
While the best things in life are not always free at least in this case it happens to be true even for car shoppers with problem credit that want to know where they stand before applying for an auto loan.
Car buyers with poor credit who are in the process of applying for car loans should understand how this action will affect their credit scores.
Even with all the information available on our web site and elsewhere we continue to come across car shoppers with questionable credit that don’t understand why the credit score used for their auto loan approval isn’t the same as the one they have.