Online Credit Repair Secrets

Should I continue to look around myself if approved through a car dealership?

Im currently in the process of repairing my credit and have about 5k to finish paying for my current vehicle. However there is a particular car that caught my eye and I applied online to get financed. Several dealers called me back and emailed me one of which said that even with my credit score its not too bad to get a car loan and he would work with me. He told me that he would call me back in 24 hours with the car loan and the car that I was interested in. About 2 days passed and I called him back and he said I was approved for the loan but he was still in search of this particular car. Will it hurt my credit score to try some actual dealerships who have this car in stock? Or should I wait for this particular dealer to find this specific car? I know what my credit score is and its pretty low due to past credit issues and having basically no open accounts other than the car loan. I have opened up a few credit lines that are helping me rebuild my credit.

Public Comments

1. Actually you need to know which dealership to go to - they don't all play the same. There are things to look for - like price mark up with alternate invoices attached to the car. Do your homework on the car you want. Know the invoice price minus rebates and/or manufacturers incentives before you negotiate. Truth is, dealerships get kick-backs on all kinds of things, including a higher interest rate they can sell you (even if you qualify for a lower interest rate!). I actually collect sports and exotic cars and get all my cars at least 40% off retail. In fact, before I learned Dr. Suzanne’s method - I got royally screwed three times at the dealerships. Her site is: http://www.cartopsecret.com it is the best info you will ever learn about buying cars. Just the tip of the iceberg is how to take advantage of rebates, hidden manufacture/dealer incentives, financing tricks, trade-in tips. I'm serious; if you go into a dealership without this knowledge - you are in for it; they will make you feel like you got a great deal when in reality you got seriously ripped off. Your best bet is to view this information and get to the right dealership with your approval.
2. Multiple inquiries of the same type in a short period are treated as a single inquiry on your bureau. So when 4-5 dealers check credit for a car within a couple of weeks, we know that is a person shopping, not a person buying 6 cars. I suggest taking another approach though. Apply through an online lender like lendingtree.com, eloan.com or capitalone.com. They can establish a preapproval limit and conditions. They will usually get you the best rates you qualify straight away. Then, with that approval in hand, you can shop for the car. This leaves you free to concentrate on the price of the car, rather than financing and monthly payments. You will already know that if the car costs X your payments will be Y. Its much easier on you this way. Use the internet too. Go to the manufacturer;s website. There will be a section to "build and price your car". Do that, and then submit an inquiry on that car. You will be contaced by the internet reps for all the dealers in your geographic area. They can usually cut to the best deal without much hassle. They know that you are shopping 15 dealers from the comfort of your couch, so they don't waste much time. Let them know you have this approval. If they can meet or beat it, let them. That way you all win. If not, you will still have the best rate already set up. These things will make it much easier, and faster, for you.
3. Definitely look for the best loan rate by using an internet lender (lendingtree .com ex.) , check your local newspaper for loan rates, or your local credit unions if you qualify for an account. By using these methods usually a local or internet lender will be able to obtain your best loan rate along with a preapproved loan amount. Also using your local paper will give you an idea of what vehicle is available for that amount. Then go to kbb.com (kelly blue book) or nada . com. These two sources will give you wholesale and retail prices for that particular model(s). Armed with this information you can go into any dealership and negotiate your price and interest rates. Don't tell the dealership if you have a trade until after you have negotiated the price of the vehicle. Don't take a loan for more than 48 - 60 months otherwise the interest will increase the cost already negotiated. Check at least two dealers of the brand you select. Let them earn your patronage. Don't fall for the vehicle isn't in stock, this dealer will probably try to switch you into another vehicle they can't move or make a better profit on or both. Happy hunting