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Posted in Auto Loans
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Question By
cdtm2000

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Does anyone know if capital one does only one hard credit inquiry for auto loan?

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Generally there will be one inquiry

per request for a credit score.  

per request for a credit score.  

Be careful when car shopping,  Car Lots are notorious for "Shopping your loan", meaning they will check with several lenders trying to get the best rates.  This can generate several inquiries on your credit report in one day. I've heard of as many as 12 in one day. The credit bureaus will generally drop most of the inquiries that do not generate a loan after a few days, Although those that are reported back as denied might stay on your report. Always know what range your score is in when you go out shopping for a car, But why chance it with the dealers finance manager.  Pre-qualify for an Auto loan before shopping so you will know the costs involved before your walk into the dealership. It's like walking in with cash and can be a good negotiating tool.  

Good Luck 

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Reply by
imawordman

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Eddy is 100 percent correct.  I have 27 - yes, TWENTY-SEVEN - inquiries on my credit report for the past 2 years only because auto dealerships went "rate shopping."  I have good credit, but my report shows "looking for credit" and it is keeping my score lower.  I've learned a lot from this experience.

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