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Congratulations! Your shopping has paid off and you’ve finally found an excellent car at a reasonable price. Now, how do you plan to pay for it?

Dealers will be happy to arrange financing for you. Simply fill out and sign a loan application, and the Finance and Insurance (F&I) manager will immediately begin searching their lender network to find the best deal for you.

Unfortunately, dealers may submit your information to several lenders to acquire that deal – a method known as “shotgunning” – and that has the potential to lower your credit score.

Each lender will run a credit check to see if you qualify for the loan. These checks are more extensive “hard pulls” that slightly drop your credit score – typically less than five points unless you have other risk factors. A high number of hard pulls can give lenders the impression that you’re rapidly expanding your credit, making you a risk in their eyes.

Most scoring systems allow f…

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