Free preview · from the dealership side of the desk
Many buyers skip shopping for a loan because they fear every application will knock points off their score. So they let the dealer run their credit once and take whatever comes back. That fear costs real money: if the best of three offers beats the first by one or two points, that’s roughly $800–$1,700 on a $30,000, 60-month loan.
The scoring models were built with rate shopping in mind: multiple auto loan inquiries in a short window are generally counted as one. The catch is that the window differs by scoring model, commonly 14 or 45 days, so it pays to keep your shopping tight. Below: soft vs. hard pulls, how auto inquiries are grouped, what happens when a dealer shotguns your application, a worked example, how to shop the smart way, what not to do while you shop, and what to say.
Members read the rest · 9 more sections
In the full guide
- Soft pulls vs. hard pulls
- How auto inquiries are grouped
- Shotgunning: what happens when the dealer submits your app
- Worked example: what shopping is worth
- How to shop the smart way
- What not to do while you shop
- When you do not want the dealer to run your credit
- Your game plan
- What to say
Knowledge Hub membership · $49/mo, cancel any time
Read the full guide — join the Knowledge Hub, $49/mo, cancel any time
Every guide, checklist and script we use with clients, written from the dealership side of the desk, with new material every month. Start with a free account; you land right back on this guide.
Read the full guide — $49/moAll Hub guides
Cancel in one click; no contract. Members also get the checklists and scripts that go with each guide.