Their are some important items to remember when applying for a Car Loan in Alberta, and multiple applications. Many applicants don’t realize that when they apply for an auto loan in Calgary that the dealership they apply at will use multiple lenders to try and secure an approval. Some dealerships do not pull a credit bureau, and therefore, don’t know what your credit standing is, before sending to a lender. This can cause some challenges when applying for a car loan. One challenge this may create is your application being “shopped” to lenders that your application doesn’t fit. We run into many situations where excellent credit clients are shopped to less than perfect credit lenders, and of course, less than perfect applicants being shopped to excellent credit lenders. This can create confusion on the lenders side of things, and also can create multiple applications submitted to the same lender. If the first dealership applying makes a mistake on the application and the second dealership submits correctly, this can also create confusion on the lenders end, and the lender will look more closely at this application, therefore asking more questions, and more conditions before a decision is made. It is my opinion that applicants should be aware of who is going to look at their application and the process involved, before applying. It is very important to qualify the dealership and ask if they are pulling a credit bureau. A good finance company will pull your bureau and analyze your credit, before submitting. This process will allow your application to only be submitted to the lenders that will look at your credit situation. A good example of a proper finance company is Finance Today. This company has trained credit analysts on staff to properly assess each application, before submitting to a lender of choice. This way your credit bureau will not show 10 or 11 inquiries per one application. Auto Loans Calgary is trained in loans. With trained credit analysts on hand an applicant can be confident that their application will be treated with the care and attention it needs, with no errors.
Just my 2 Cents