I'm nervous that I won't get approved again after 30 day loan expired?
My score had dropped from 700 to 645 sadly. One dealer found me financing (Honda dealership) but the loan expired due to 30days passing.im going again to hopefully get approved again. Will it work with my score lowered to 645? Or should I try a few more places for 1st time car buyer loans by myself?
Never heard of a loan expire. You either got the loan or you didn't.
What did you go to make your score go down 55 points. That's a big deal.
I have been shopping around and I guess they've been submitting my application to many different banks
You should plan to pay cash for a car. Car debt robs you of your ability to save, invest and build wealth.
Multiple applications for the same type of loan product within 30 won't impact your score more than 5 points. A 55 point drop from 700 would indicate an account in collections.
That much of a drop will result in a significantly higher interest rate if you can get approved.
Don't be nervous. Sure they would be willing to re-work or re- run your application. Check the dealership on some of these review and feedback websites. Were they nice and professional the first go around?
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