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Do I have to fill out a credit application to buy a car if I already have financing?
I headed to the dealership to buy a car and they asked me to fill out a credit application. However, I already got approval from my credit union. Do I still have to fill out a credit application even if I’ve already gotten permission to finance through my lender?
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The dealership uses a credit application as a security measure to prove your identity and prevent check fraud schemes.
In a check fraud scheme, the scammer makes a fraudulent deposit on a vehicle with funds that are later withdrawn so they can drive away without paying.
If you’d rather not subject your credit score to another check, you can always try another dealer or ask to pick up your car after your deposit check has cleared.
Keep in mind: Multiple credit applications within a 14-day period will likely only show up as one hard inquiry, so if it hasn’t been long since you were pre-approved, another check won’t hurt your score.
MORE: How to check your credit score
View full answer
- Gregory R.
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