Financing

[Wei718]

For those of you who financed your new M car. Did any of you had to rerun your credit after your car arrives? Also does anybody know how long does your loan typically be good till?

[Andrew115]

Usually approvals are good for 30 days depending on institution. If your approved prior to delivery (it may be conditionally) until you close. Rerunning your credit won't hurt you any more than the initial hard inquiry for the auto loan. If you do have negitive changes or run up your credit cards it could hurt your score and or increase your FI%. If your initial credit pull was within the same reporting period then it prob will be the same exact thing. Unless some of your accounts have since reported to it.

[Wei718]

Originally Posted by Andrew115

Usually approvals are good for 30 days depending on institution. If your approved prior to delivery (it may be conditionally) until you close. Rerunning your credit won't hurt you any more than the initial hard inquiry for the auto loan. If you do have negitive changes or run up your credit cards it could hurt your score and or increase your FI%. If your initial credit pull was within the same reporting period then it prob will be the same exact thing. Unless some of your accounts have since reported to it.

Great info thanks!

Everything is exactly the same as when I initially had run it. I'm pretty much just wondering what's the process since this is my first time ordering a new car and not a car that's already on a dealers lot.

Now do you know if they will do a hard pull or a soft one if they would run another check?

[Andrew115]

Originally Posted by Wei718

Great info thanks!

Everything is exactly the same as when I initially had run it. I'm pretty much just wondering what's the process since this is my first time ordering a new car and not a car that's already on a dealers lot.

Now do you know if they will do a hard pull or a soft one if they would run another check?

Credit Bureaus will "clump" auto loan inquiries into one hard pull, for your benefit. So you can shop rates and not get hit with a hard inquiry for each one. The catch is to do all that within 30 days so they will report it properly.

Good luck.

[Wei718]

Originally Posted by Andrew115

Credit Bureaus will "clump" auto loan inquiries into one hard pull, for your benefit. So you can shop rates and not get hit with a hard inquiry for each one. The catch is to do all that within 30 days so they will report it properly.

Good luck.

Yeah, I know about the 30 days thing and really hoping they won't rerun it although it won't make a difference I just don't want anymore hard inquiries on my report.

Thanks for the info!

[Andrew115]

Originally Posted by Wei718

Yeah, I know about the 30 days thing and really hoping they won't rerun it although it won't make a difference I just don't want anymore hard inquiries on my report.

Thanks for the info!

Same here, I always think about hard inq. They are a bugger, most people don't care about them but for me and my experience its kinda like little scratch or rock chip on a new car. It will happen sooner or later but in excess really can suck.

I had a lot of credit problems when I was young. At one point I had 25+ accounts reported in collections and my credit score just couldn't get any lower. I worked very hard to get it up and want to keep it. I have years of research and work on improving/monitoring credit.

PPL who hear this story assume I was a deadbeat and deserve the hassle I had with credit problems. The truth is sometimes insurance isn't enough, if you've ever had a serious medical problem and insurance doesn't cover or "won't cover some of it" it can bury you fast.

[Wei718]

Originally Posted by Andrew115

Same here, I always think about hard inq. They are a bugger, most people don't care about them but for me and my experience its kinda like little scratch or rock chip on a new car. It will happen sooner or later but in excess really can suck.

I had a lot of credit problems when I was young. At one point I had 25+ accounts reported in collections and my credit score just couldn't get any lower. I worked very hard to get it up and want to keep it. I have years of research and work on improving/monitoring credit.

PPL who hear this story assume I was a deadbeat and deserve the hassle I had with credit problems. The truth is sometimes insurance isn't enough, if you've ever had a serious medical problem and insurance doesn't cover or "won't cover some of it" it can bury you fast.

Absolutely agreed! The hard inquiries is the only thing that is keeping my score low, in the past 2 years I bought 3 cars which plummeted my score from 805 to 761. Each car it did not last more than 1 year and here I am running my credit again and although I did get approved no problem I just don't want anymore hits then what's already there.

Wow! 25+ accounts in negative is crazy! I'm glad you are able to turn the tables around and in good standing point now. When I was younger I gone through something similar and destroyed my credit and learned the hard way also. So no worries, I'm sure everybody had their bad days.