Keep comparison shopping organized
Request quotes close together and keep the dates and lender names in one place. Scoring models may group rate-shopping inquiries differently, so do not assume every inquiry will have the same effect.
Ask before you submit
Ask whether an initial quote involves a soft or hard inquiry, whether more lenders will receive the application, and whether the quoted terms are conditional. Keep a copy of the lender’s explanation.
Use the full offer
Compare the borrowing cost, repayment period, and required payment. Do not accept an unsuitable offer only to avoid asking another lender for information.
Will rate shopping have exactly the same effect for everyone?
No. Credit scoring models and individual credit files differ. Ask the lender what it will do before applying.
Go to the official source
Requirements and lender terms can change. Use the source below for current details.
CFPB: How auto-loan shopping affects credit