When you ask for a loan for a new car, many companies will need to pull up a credit report to see whether you are a good candidate for the loan. It is important to have an idea of what do car dealers look for in credit. You will quickly find that it is easy to find Transunion auto dealers, or dealers who only use a Transunion credit report. But what lenders use Equifax only is a bit harder to find. At Hartland Automotive Sales, we can check just your Equifax score and help you get the car you deserve.
Personal Loans that Use Equifax
Personal loans are the perfect option to choose when you need to purchase a new vehicle. Whether you work directly with a car dealership or a bank to get a car loan, you can discuss how the loan is designed and even the interest rate and length of the loan.
Most personal loans will rely on Transunion to make their decisions. This is just the one that many banks and financial institutions seem to like and trust. It is possible to get a personal loan off just your Equifax credit report, though you will need to discuss this with your lender ahead of time. Discuss why you need to use that report instead of another option and see if the lender will work on this with you.
Car Dealership Credit Checks
When you go to purchase a vehicle, one option you may want to consider is a loan through a car dealership. These are often convenient and many dealers will work with you more than a traditional bank. Since many will rely on Transunion to pull the credit report, you need to discuss whether they will do the credit check with Equifax instead if you need this for some reason.
What Do Car Finance Companies Check?
Before you receive a loan for a new vehicle, the finance company will run a credit report. This is done to get a better look at how your finances are and whether you can afford the new vehicle or not. Each finance company will look at different items, but the main thing is to check how well you make payments on time and how much debt you already handle a month.
If you have a lot of other debt on your credit report, then you may struggle to get a loan. The financing may worry that you will not be able to handle another bill each month. They will also look at late payment history. While missing one payment will not mean doom for your chances, the more payments you miss, the harder it is to get a loan.
At Hartland Automotive, we are here to help you get the right car loan so you can leave our dealership with the perfect vehicle for your needs. We offer many flexible car loan options and can work with any credit reporting agency that you would like. Contact us today to see how we can help you.