Will submitting applications to multiple lenders hurt my credit score?

Answer: Not at all! As long as you submit your applications within a 14-45 day period, they’ll only count as a single inquiry on your credit report. Lenders understand that you’re shopping for the best deal, and federal law protects you from being penalized for it. So, shop around as much as you need to! Your credit score will stay intact.

What if I don’t qualify for a loan from one lender? Does that mean I’m out of luck?

Answer: Not at all. If one lender doesn’t approve your application, that’s just part of the process. By applying to multiple lenders, you increase your chances of securing financing from another. And since each inquiry is treated as one, it won’t harm your credit score. It’s just about finding the right fit!

How can submitting my application to multiple lenders help me get a better interest rate?

Answer: Great question! When multiple lenders are competing for your business, they’re more likely to offer you a better interest rate or loan terms to win you over. Essentially, it’s like bidding for your loan. The more lenders involved, the better the chances of securing a lower interest rate and better financing. Your dealership helps facilitate this process to make sure you get the best deal possible.

Do I have to apply to all the lenders your dealership works with?

Answer: No, you don’t have to apply to all the lenders. But the more lenders you apply to within the time frame, the better chance you have at finding a competitive offer. If you’re unsure, we’ll help guide you through the process and suggest a few options that might give you the best shot at securing a great loan.

What if I’m worried about my credit score being too low to get approved?

Answer: If your credit isn’t perfect, don’t worry! Many lenders work with a wide range of credit scores and offer specialized financing options for people with less-than-perfect credit. Applying to multiple lenders increases the chance of finding one that’s willing to work with you, and again, the application process won’t harm your credit score. You’ve got options, and we’re here to help you explore them.

How long will it take for me to get approved?

Answer: Approval time can vary depending on the lender, but typically, it’s a pretty quick process. Many lenders provide a decision within a few minutes to a few hours. If there are any additional documents needed, we’ll make sure to let you know right away so we can keep things moving. The more lenders involved, the more likely it is that you’ll get a decision sooner.

Can submitting multiple applications help me get better terms or a larger loan?

Answer: Absolutely! When lenders compete for your business, they may offer more favorable terms to win you over—whether it’s a lower interest rate, better loan duration, or even a larger loan amount. Your dealership works to ensure you get the best possible financing, which could make all the difference in securing the loan you need.

Can you guarantee that I’ll be approved for a loan?

Answer: While we can’t guarantee loan approval (since lenders ultimately make that decision), we do work hard to get you the best possible offers. With multiple lenders competing for your business, we’re confident we can help you secure the financing you need to drive away in the car you want.

Will applying for a loan through your dealership affect my ability to apply for other loans or credit in the future?

Answer: Nope! As long as you stay within the 14-45 day window for submitting applications, it won’t affect your ability to apply for future loans or credit. It’s all part of your right to shop around for the best deal without suffering consequences down the line.