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Originally Posted by fongpi
As you may know, PenFed has super low rates right now. I applied a few days ago for a used car, and they only approved me for $30K! I have a credit score over 720 but according to them, it's because of "past or present" delinquency. Since two banks aren't willing or able to split one title, does anyone have any suggestion on where I can get another $20K? I've done so much research that I would hate to abandon the current deal I've found!
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It’s odd that they are telling you “past or present delinquencies” are preventing you from be qualified for more money. How much money you are qualified for is typically a function of your debt-to-income ratio. Any past credit difficulties have already been factored in by your credit score, and unless you have a recent bankruptcy, or repo of some sort the analysis is usually left to the credit bureaus. Regarding the scenario you suggested, I doubt any institution is going to give you “the other $20k” as it were. You will need to find another lender who will give you the full amount which may or may not be difficult. You may have to pay a higher rate to ultimately get what you want.
Regarding the credit inquiries, there are indeed soft and hard pulls. However the credit bureaus give you a 30 day “shopping period” in which you can have up to 10 inquiries for the same purpose and they will all be looked at as one inquiry. You typically are not punished for doing your due diligence as a consumer.
If it were me I would simply get the car you want and refinance it later