There are many websites online now that offer people the opportunity to get free loan quotes. These can be for anything from car loans and personal loans right up to mortgages.
While they are extremely convenient and offer an excellent opportunity to do some comparison-shopping and possibly get better rates on credit there is a problem for people who have low credit score.
There are so many of these available and they make it easy for people to use by simply entering their personal information that most people will use several of these loan quote services and in doing so get a number of inquiries recorded on their credit report.
Getting too many inquiries can be detrimental to your credit score as these are all recorded as separate inquiries by the credit bureaus. Because these services are so good for getting rate quotes and quite possibly saving you a considerable amount of money you should still take advantage of them and try to get better rates.
The best approach is to narrow down the number of companies you will get quotes from by doing your other research first and determining which companies are worthwhile getting more information from.
If possible talk to other people who have used the online services and see which ones they had the most success with and then only use those companies. That will reduce the number of inquiries and thereby not affect your credit score and you will still be taking advantage of the services that are offered by only dealing with the best.
It is relatively easy to get more information on these companies by looking at the comments others have made and posted on the various forums on the Internet.When a company offers good service and good rates their reputation quickly spreads on the Internet and you will be able to find out about them quite easily.