The first thing you need to do is check a 3 Bureau credit report and check all 3 of your credit scores.
You have two options, you can get an online credit report with scores that are just going to have a guesstimate of your real credit score or you can go to the FICO website and order a three Bureau credit report. That’s going to show you your exact auto loan credit scores. What I want you to do is to pick out the credit bureau that has your highest credit score and ignore the other two bureaus. The reason you’re going to do that is because most Auto Lenders only look at one credit bureau when you’re getting approved for an auto loan.
Local Credit Unions
The next step is to search on Google for local credit unions. When you’re searching for local credit unions in your area you’re going to go to their website and find out which ones have the best rates on a used auto loan and which ones seem to be the most aggressive about giving auto loans. You’ll notice quickly on their website if they’re not aggressive about auto loans they probably won’t have a section that talks about them. After you have found two or three good credit unions that are in your area, I’m going to recommend that you find out which credit bureau each Credit Union checks when you apply for an auto loan.
You can cross-reference that information and if it’s not there then what you’re going to do is just call the credit union and ask them which credit bureau they look at when you’re applying for an auto loan. After you have picked the right Credit Union for you, that’s going to look at your highest credit score, I want you to go to that credit union and open a checking and savings account with them. You’re going to put some money in the checking and savings accounts. I would typically recommend anywhere amount something $500 to $1000 only to get some credibility with that credit union.
Some credit unions pull your credit report as a requirement to become a member, if the credit union pulled your credit report, then I’m going to have you ask them to use that credit report as part of your approval for your auto loan. Then they don’t have to pull a new credit report, causing an inquiry. If the credit union didn’t already pull your credit report, I want you to wait a week after you got your checking and savings account and you have the money in your account.
Auto Loan Application Process
After you wait a week then you can move on to the next step, which is starting the auto loan application process. You’re going to go into the credit union or apply online and what you’re going to tell them is that you’re looking to get approved for an auto loan, but you haven’t picked out the vehicle yet.