For pre-qualification, CarMax’s finance sources use soft inquiries, which have no impact on your credit score. Pre-qualification allows you to shop for a car with your estimated financing terms. Once you’re ready to buy, you’ll have to submit a credit application to get specific offer terms. This credit application will be a hard inquiry, which may impact your credit score.
How do I get a preapproved offer from CarMax?
To get your CarMax preapproved offer, you’ll need to enter in some personal information in the CarMax pre approval application such as: Your Income and Assets (i.e., what’s on your last pay stub or bank statement). Personal information about yourself, including name, address, date of birth, and social security number.
Is CarMax a good place to buy a car?
I am aware CarMax in some locations do sell some new cars. Anyway, mid 500's is fine, I was approved by Westlake Finacial and you don't have to buy a car from CarMax either. Many new car franchise dealers use them, as well as many other lenders you don't have direct access to.
Does CAF check your credit score when pre-approved by CarMax?
CAF runs a “soft” inquiry into one’s financial history when pre-approved by CarMax. This means that even if you check your credit scores with another lender before checking CarMax’s pre-approval status, they will not be affected by it.