Before heading to Bloomington Chevrolet to buy a new vehicle, shopping around for the best loan is important. This will help you to know you have gotten the best rate. Here are a few things you should know when shopping.
Shopping Won’t Hurt Your Credit Score
One of the biggest fears people have with shopping around for loans is that it will damage their credit score. The thing is that if you do this within the close period of time, such as over a week or two, then this will not be an issue. You will still take a hit for the first inquiry but none of the subsequent inquiries if done around the same time.
There are Many Factors that Go into the Loan
The lenders will look at more than just your credit. They will look at your job stability and the time you have been in different homes to help determine whether you will be a safe loan. These factors can also impact the approval of a loan as well as the interest rate offered.