I am looking to get an auto loan and wanted to know if I could get a printout that a lender would recognize as legit. I just don’t want my score to take a hit from credit score inquiries.
8 Comments Already
April 11th, 2010 @4:16 am
Whenever you apply for a loan, the lender will run its own credit report and will not accept any credit report that you supply. This is standard lending practice. You would be wasting your time to submit a credit report; it would not be considered.
April 11th, 2010 @4:37 am
You can get a free copy from ANY of the credit reporting agencies. Looking at your own credit report no longer will ding you…that went away a few years ago. Also, NO lender will accept a print out that you bring in as “legit” documentation. They will run your report anyways, even if you bring this in to them.
April 11th, 2010 @5:26 am
nope
They require your SSN to get your updated credit report directly.
It won’t affect your score if you get the loan.
April 11th, 2010 @5:40 am
Can’t be helped. In order for the bank to offer you a loan, they will want their own copy of the credit report. However, if you find the car you want first, then apply for the loan, you only have one application or multiple applications submitted at the same time, and that will not affect your credit score.
April 11th, 2010 @6:34 am
Auto finance is what I do for a living and that’s not the way it works.
Dealers and lenders are required to pull every customers credit themselves we are not allowed to use a copy that a customer brings in.
But don’t worry when people buy a home or a vehicle all inquiries made in a 14-day period are lumped together and only count as one, they all show but your credit only takes one hit.
April 11th, 2010 @6:39 am
I’d talk to the dealerships you plan to go to and see if they have any sources they’d take. I don’t know that you can get around having them run a copy of your report, as it’d be too easy to fake a good score on your own copy.
If you’re worried about taking a hit, run your own credit report and then call around and get the dealerships’ financing info. If you tell them your FICO score, they can tell you over the phone what interest rate they will charge.
April 11th, 2010 @7:24 am
They will insist on pulling their own report because they will get a report and score geared to auto finance. The one you get will be a consumer version. There are three different types of reports/scores — mortgage enhanced, auto finance enhanced, and consumer.
Multiple auto lender inquires within a short time are all considered as one inquiry. Same with mortgage lender inquiries. It’s obvious that people are shopping around and not actually purchasing multiple cars or homes.
Of course the best way to buy a car is to get your own financing thru your bank or credit union. Get pre-approved for an auto loan BEFORE you hit the car lots. That way you will know exactly how much you can spend. You will also get a better deal on the vehicle price and you won’t get multiple credit inquiries on your credit file.
Even if you could, they would not accept it. They will insist on pulling their own report.