What kind of information do car salesmen see at a dealership when looking at a credit report?

Question

If they see what I see then I would rather pull my credit report and show them rather than waste an inquiry!

Answer 1

Free Credit Report Frequently Ask Questions and Helpful Credit Information:

Q.  Can I Really Get a Free 3 in 1 Credit Report?

A.  Yes, according the The Fair Credit Report Act which FTC regulates and enforces.  We have provided you with companies that can offer you a free copy of your credit report.  The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies; Equifax, Experian, and TransUnion, to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to consumer reporting companies.  

Answer 2

Sometimes it can be different.  But, if I were you, I would apply for a loan through and auto lender outside the dealership, see what they offer your for the rate and term, then shop.  Car dealers will try to give you any excuse they can to give you a high interest rate, they  make money off the loan as well.  At least by getting a few ideas from auto lenders you have options if you don't like the terms the dealer offers.

Answer 3

Thanks to my good buddy Spifiman1, here's the answer that you're looking for:

1. LTV (loan to value).

2. Term requested.

3. Age of vehicle.

4. Miles on vehicle.

5. Down payment amount.

6. Time at job.

7. Time at residence.

8. Monthly income before taxes.

9. Credit score/profile.

10. Total debt to income ratio

This is what auto lenders look for in the above.

1. Between 85% and 145% of N.A.D.A. wholesale.

2. Between 24-72 months.

3. No older then 8-years.

4. 50,000 miles or less.

5. $,1000.00 or 10% of the sales price.

6. 2-years.

7. 2-years.

8. Between $1,500.00 and $2,000.00 depending on the lender.

9. 540 score or above with 3-5 years in the bureau, at least 4-trade lines paid as agreed for at least 12-months and 1 installment loan paid as agreed for at least 12-months and for at least $150.00 a month.

10. No to exceed 45%.

Answer 4

Per the guidelines of the auto dealers financier the credit report must be in their name.  

Also with today's technology credit reports can be falsified.  Some dealers use only one credit bureau and what if that is not the one you pulled?

  

Answer 5

They have to pull the report themselves .Think about the logistics and sheer legal mayhem that would occur if potential clients just wandered in with their own credit report copies.

Think about it, just for a moment. You get it?