And doing research and talking to an expert may help you decide what financing option makes the most sense for you. Getting this information together before applying for financing might help make the process smoother.
And shopping for auto financing in a short amount of time-14 to 45 days, according to the CFPB-could be counted as a single inquiry. And according to the CFPB, those kinds of inquiries affect your credit score.īut the CFPB also says the benefits of shopping around for the best deal on financing generally outweigh the impact on credit scores. For example, a trade-in could reduce the amount of financing needed.Īpplying for a line of credit, such as a car loan, can trigger a hard credit inquiry. When deciding on auto loan financing, it’s important to consider all relevant factors. Either way, finding out if you’re pre-qualified or pre-approved typically doesn’t mean you’re committing to a loan. But that process can be a little different from pre-qualification when it comes to auto financing. Some lenders may offer financing pre-approval. But according to the CFPB, soft inquiries won’t hurt your credit score. And according to the CFPB, getting pre-qualified for auto financing from multiple lenders might put you in a better position to negotiate the terms of a loan.Ĭhecking your pre-qualification status could trigger a soft inquiry into your credit. Pre-qualification can help you get a better idea of what interest rates and loan terms you might be offered. Auto Navigator allows you to pre-qualify online, search cars and see your financing options-all in one place.* You can even use Auto Navigator from Capital One to see in minutes if you pre-qualify for financing, with no impact on your credit score. And some lenders may let you see if you’re pre-qualified for financing.
Auto loans are available from car dealerships, banks, credit unions and other lenders.
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