Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 2
Why would you apply for 3 loans on the same car? IINM, those count as "hard hits" on one's credit report, in and of themselves, bump your FICO score down some, and can serve up a red flag to a lender.

All inquiries within a 14 day period are treated as single inquiries, allowing consumers to shop for loans.

The OP applied with three different lenders to see what they would do. I would imagine the two lenders that did approve him offered him somewhat different terms.

Shopping for a loan or any other sort of financial service should be no different than shopping for anything else. The FICO scoring model recognized that fact and corrects for it by the way it handles multiple inquiries in a short period of time.
Print the post  


Beware Flood-Damaged Cars
Know what you are getting, don't get stuck with a Katrina victim. Check these links before you buy.
Disclaimer - Please Read
A message about professional advice.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.