Quick question for the board- I was pre-approved through carmax online, received a call from the salesman who gave me terms and a price/apr I am happy with. Has anyone received pre-approval from them, only to go to the dealer and be denied? Dont want to waste my Saturday driving 2 hours each way if they have a habit of retracting their offers. I do have the HP on reporting on my credit report so I assume this is a done deal.
Should I get pre-approved for a loan before shopping at CarMax?
You may be wondering whether you should first get pre-approved for a loan before visiting CarMax to shop for cars. The answer is “yes.” To illustrate the importance of this step, here’s an example: You’re offered a $30,000 car loan by CAF, and you have your heart set on that exact model. In addition:
What happens if CarMax denies my finance application?
Note that if CarMax denies your finance application, then CAF may still make inquiries into one’s current financial life to verify other information such as occupation and salary history. However, these inquiries do not result in harm to one’s credit scores. There are also ways how to repair your credit yourself should you fall short.
Does CarMax preapproval affect your credit score?
CarMax preapproval does not affect credit scores, but CarMax preapproval is still essential in making a car purchase. Is a CarMax Preapproval a Soft Credit Pull? When CarMax preapproves someone for financing, CarMax does not run a credit check on the applicant. It’s considered a CarMax pre-approval no credit check pull.