EV Finance 2 hard searches...

Dandytf

I appreciate car finance can mean at least one hard search and then return for 2nd sometime after applying.
My latest Finance shows 2 hard searches one day.
Is this correct.

Dandytf

This via Clearscore is serious concern, 7 Hard Searches recorded.

Grumpy_chap

If you are having to shop around for credit and as a result a high number of hard searches are appearing, this may indicate that lenders do not find your financial history matches their profile for lending.  Rather than continuing to apply for credit, you may be better to delay the purchase and review your finances overall to get to a better affordability position before considering continuing with the purchase.

Dandytf

@Grumpy_chap

Whilst your comments almost match Dealership comments.
Is it not standard to use Soft Searches before conducting hard searches.
I've personally only experienced multi Hard searches once which at that time only delayed Credit Apps further.
Thankfully this time this App is successful.
I guess it's going to take 1 yr for those to drop.
p.s. If unsuccessful then next ev upgrade would be 21 months later and potentially be more expensive as my available spending increases.

Grumpy_chap

Dandytf said:

Is it not standard to use Soft Searches before conducting hard searches.

p.s. If unsuccessful then next ev upgrade would be 21 months later and potentially be more expensive as my available spending increases.

It would seem as though the Dealerships have treated your applications as full applications, not just enquiries.  Hence the hard searches.

If your income ("available spending") increases that does not mean that you have to consider a more expensive EV.  It might be better to use the additional available funds to reduce overall debt loading.  The cost of an EV will then be better as lower finance rates may be possible.  Even better would be to clear all other debts first and then save up and pay for the EV in cash.

prowla

You'd think that the scoring systems would be capable of correlating searches to see that they relate to the same buying decision,such as checking the price of several cars before making a buying decision.

Dandytf

What had changed was I had been asked to unlock Experian Credit Lock, which I didn't think of before Purchase request.
Even if this did mean 2 Application attempts I still find 7 Hard Searches unusual.
Let's see if cra's offer any advice as I can raise to them.

Dandytf

Since re checked clear score is today showing only 2 hard searches which is fine as one was from previous ev finance since traded in towards latest ev.
Very rare to see yesterday's refernce  showing 7 lenders under hard search section.

Sncjw

You would have had to sign something to accept hard searches being carried out. 

Why are you wanting even more credit?.

Dandytf

Sncjw said:

You would have had to sign something to accept hard searches being carried out. 

Why are you wanting even more credit?.

I raised via EX those unnecessary searches were gone without them making any changes.
I did electronically Sign EV Finance Application, only concern was 7 various finance companies seen via car's.
Thankfully they had gone a few days later which means I don't have to allow 1 year.
Id'e have thought it would useally be a few soft searches before full hard search.