Car buyers worry too many lenders run their credit

CHARLOTTE, N.C. — Buying a car can be a long process, but people want the best financing possible.

Car buyers are worried that their credit score will be negatively impacted when multiple lenders run their credit, but experts told Channel 9 that customers should not worry too much.

When applying for credit cards, a lot of inquires can hurt your credit score, but when buying a car or home, the impact is not as concerning.

During the financing process a dealership will try to find a customer the best loan, which means asking multiple lenders. All the lenders will run the customer’s credit, but the inquiries only count as one or in some cases zero inquiries.

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If the customer goes to another dealership and wants finance options, those inquiries only count as one or zero, also.

Car buyers should do two things:

1.       Get pre-approved if you can.

2.       Try to do all car shopping within two weeks.

After the two-week period, the inquiries could ding your credit score more, but even then, inquiries are the least important factor impacting your score.

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Rod Griffin, with Experian, told Action 9, "If an inquiry has an effect on the decision, it's because there are other more serious issues with your credit report already.  It's kind of the straw that breaks the camel's back, but it's not what would get you there."

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