You have finally decided to own that sleek sedan or SUV you have always dreamed of. Before approaching your local dealership, check your credit score, as the video explains. When you approach the dealership, they will conduct an auto loan soft pull on your credit. This procedure allows the dealership to check and review your credit score and report.
Why Are Soft Pulls Done?
A dealership or a credit institution will want to assess how risky you are as a borrower. The auto seller will conduct a basic search of your credit status to help them determine how much risk they might be entering into. This information also helps the dealership determine how profitable a deal with you might be.
How Is Auto Soft Loan Pull Done?
When you approach an auto dealer to buy a car, the seller will likely want to know some of your details. The salesperson will use your social security number to check your credit history. This will be done without your knowledge.
You can conduct your own auto loan soft pull. Knowing your Equifax, Experian, and Transunion scores helps you determine whether you qualify to buy a particular vehicle. These three major agencies monitor credit, and you can get a free credit check yearly. The good thing about an auto loan soft pull is that it doesn’t affect your credit rating.
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