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Posted in Auto Loans
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Peace2014

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I'm thinking about getting a pre approved car loan and have some questions
I'm thinking about getting a pre approved car loan and buying a new car from Hyundai. The thing is i am rebuilding my credit(570) and I don't know if the dealership will accept my loan because of my credit. I never had a credit card until now and I have used it to build my credit from 538 to where it is now. The only thing that brought it down was late bills. Before I started on my credit I went to an "all credit" car place but they wanted a huge deposit because I had previous cars in my name that weren't paid off. The cars he brought up were things I couldn't even see on my credit report. So my first question is if I have a pre approved car loan will the dealerships still check my credit? 2. Why don't I see the cars on my own credit reports( I have access to all 3)

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I bought a car from Hyunda dealership 18 months ago (zero interest) but my score at that time was 749.  570 is pretty low, so I wouldn't bother getting a quote from the dealership.  If you have a pre-approved loan, then there is no need for the dealership to check your credit, unless you ask them to give you a loan.    The reason you don't see the prior car loans on your report is because those small companies don't report to the credit bureaus.  They can't afford the fees.  Hope this helps.

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Peace2014

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That's what I though about being pre approved, but yesterday I chatted anonymously  with a Hyundai agent and she said I would still have to go through an application process unless it's cash.

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