dealers now can be fined heavily for pulling credit without writtenpermission.
It used to be that every time someone pulled your credit, your scores wouldgo down 1-3 points for a period of 30-60 days. Thankfully, changes in the
way bureau scores are arrived at mean you can have multiple inquiriesfrom different banks or dealers without it affecting your scores.
WHAT AFFECTS CAR LOAN INTEREST RATES
The most common factors that can affect your score and the interest rateyou’ll be offered include the following: any late payments or collections; any (^)
tax liens or bankruptcies; how much of your available credit you have used;and how much credit history you have.
Also possibly affecting the interest rates you’ll be given is your debt-to-income (DTI) ratio. Finally, some lenders care about the amount of down
payment and the year of the vehicle. I’m only going to cover these factorsin brief here, as there are great online resources that go into much more
detail.
LATE PAYMENTS
Generally if you’re more than 30 days late on a house or car payment (andsome other loans), you can expect your late payment to show up on your
credit bureau reports and lower your credit scores. Other creditors, such asyour cable and electric companies, may not report you late to the credit