dealer financing vs. outside truck financing

Oh, be careful with that. I'm the skeptical type, ( and being a trucker, so should you) and those "inspection " outfits could be in cahoots with the seller. People are such crooks today, I wouldn't trust buying a truck from my grammy grams these days. $250 bucks gets you a rental car AND a motel. Just look at it yourself, if you can. 370K tells me, it's ready for a rebuild, it's why it's for sale.

 

Wait, so they refused a bank check because your credit showed that you had good credit history with a competitor?

 

They ran my credit and told me I didn't qualify. I did not fill out credit app, my guess was because of my age I didn't qualify, to short of credit history. Nothing wrong with actual credit.

The thing with dealer financing. They negotiate rates with banks, lenders. Say they get you in that new Ford pickup for 3.5%. They negotiated 2.5% with lenders. They just made 1% and your none the wiser and the price is the same. This is a generic explanation. But they do it all the time. They make more money with in house financing.

 

So the bank check was for the full purchase price, and they refused it because of your credit?

 

Multiple loan applications will indeed effect your credit score.
I went to buy a camper trailer and was upside down on my old trade in. Said I could put $10k down. Dealer said don’t bother, I can do it for zero down.
I had a 835 credit score.
after a few days he got it done.
About three months later I checked my score, it was down to 687. I thought maybe I was being scammed by someone so I got the full report.
Turns out it was the camper dealer, shopped it around to five different lenders before deal was completed. All five showed on the report.

 

I told them I would bring them a bank check for agreed price. He went in the back and returned saying "I ran your credit and dont know if I should even be talking to you". I expressed my displeasure and left. Never had my approval to check my credit.