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Car finance applications recorded?

  • 14-04-2017 12:28pm
    #1
    Splinters
    Registered Users, Registered Users 2 Posts: 885 ✭✭✭


    I probably know the answer to this but just wanted to get a second opinion.

    Im currently saving a fair amount with the credit union for the purpose of getting quite a large car loan (near 40k). I've spoke to them about it and while they did comment it was a large loan they also acknowledged what I was saving up would be more then enough to meet the loan repayments. I also asked them about steps I could take to best improve my chances and they essentially just said keep doing what you're doing and come back to us in a few months. Presumably they just want to see that Im comfortable paying back that amount (been saving that amount for 5 months so far).

    Now I've just seen my dream car at a dealership at a very reasonable price and am considering applying for finance through them.

    I probably have a reasonable credit history. I wouldn't say its fantastic as I have an overdraft I frequently use but I've also been on quite a high income for a few years and always on time with bills etc.

    I'm just wondering if I applied for finance with this dealership and it was refused would that then be recorded on my credit history?

    If I stick with the credit union I think I stand a good chance of getting the loan. Ill just need to wait a few more months. Then again I could go through the dealership and get this particular car (which may not be on sale in a few months) and it work out cheaper and Ill have the car sooner. Then again if I went for finance from the dealership and got refused I wouldn't want that to reduce my chances of getting the loan with the credit union.

    Am I just being impatient and should just hang on a few more months and go with the CU?


Comments

  • #2
    L1011
    Registered Users, Registered Users 2 Posts: 71,176 ✭✭✭✭L1011


    It depends on the finance house they use, and whether your credit union is an ICB member or not

    There is the ICB credit rating that most credit unions and some finance houses use - member list here: http://www.icb.ie/membership.php

    There are Experian and Equifax private ratings that some places use but its very hard to find out who.


  • #3
    dudara
    Registered Users, Registered Users 2 Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking, Insurance & Pensions

    dudara


  • #4
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    If you apply through the garage an enquiry will be noted on your ICB, it won't say whether you were refused or not as the ICB won't know that info, they will only know that a lender enquired and they provided a report.

    Therefore the CU will see when they do their ICB enquiry that there was a previous enquiry (assuming you don't get the original one) but that's neither here nor there really, you could have decided not to go ahead with that car or you could have been getting a better rate later from CU. Now if you have half a dozen enquiries during a set period of time a lender might presume you were being refused everywhere but still don't know that for sure but be ready for the question.


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