When car dealerships check your credit, what are they exactly looking at ?

Does credit matter more then the downpayment ? humm

When car dealerships check your credit, what are they exactly looking at ?

Dealers see the auto enhanced version of your credit report.

And yes credit matters a lot more then down payment.

Auto loans are based on the following factors;

1. LTV (loan to value).

2. Term requested.

3. Age of vehicle.

4. Miles on vehicle.

5. Down payment.

6. Time on job.

7. Time at residence.

8. Monthly income before taxes.

9. Credit score/profile.

10. Total debt to income ratio.

As long as the above factors are submitted to the lenders correctly, just about anyone can be approved for a auto loan.

I had one customer last year that had been in prison for 7-years and had no score, but he put 50% down and I got him approved.

When car dealerships check your credit, what are they exactly looking at ?

I always wondered what they always did the minute u gave them personal information to check your credit. My personal oppion is that you should be able to be right there with them making sure u aint being scamed into something

When car dealerships check your credit, what are they exactly looking at ?

Yes, down payment is nothing they look for:

Number of accounts with delinquency

Bal/cred limit too high on rev accts

Derog public record or cellection

Time since delinquency too recent.