- 5 years ago
- Wedding: September 2012
If this belongs elsewhere, let me know.
I was ready to purchase a used car. Got the loan approval taken care of. A few days later, heard back from the dealer – they would NOT be selling me the car because the transmission apparently needed to be replaced. I still have an outstanding loan approval which is good until mid-May.
Since then I found a different car that I want to pursue. It’s a 2005 and the problem is my bank will not finance a 2005 or older vehicle. I could go ahead and get approved for a loan thru the dealer. I’ve heard that this is bad for your credit, but I don’t really know what that means.
So – what could be the impact on my credit if I did a second approval? Does the existing loan approval have any impact on getting the second? If the second deal falls through, will my existing approval be affected?
Thanks in advance!