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 Dear
Terry,
I would like to replace the car I am driving before the end of the summer. I am currently exploring my options on how to get an auto loan given my financial situation. I am rebuilding my credit after two to three years of having difficulty paying bills and being bombarded with collection calls.
This year, I got a secured credit card (using the Bankrate
listing) to start rebuilding my credit, and I
have been paying all my current bills on time.
I have had stable employment for about a year
now, and will soon get a second job to augment
my income.
I obtained my credit score from
Equifax a couple of weeks ago, and it is 648.
How do I get accurate quotes on the finance rate
from creditors without getting many inquiries
on my credit report that may lower my credit score?
Please give some guidance on how I might proceed.
-- Isaac
 Dear
Isaac,
You can check out rates for loans with average
or below-average credit scores at a variety of
Web sites without having to complete an application.
You also should check with your local credit union or
bank for their rates. If you accurately report
to them what's on your credit report, there shouldn't
be too much difference between the quote and the
actual loan.
Once you decide to apply for a loan, however, don't submit multiple applications. That could drive down your score.
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