You did not follow through on the loan approval process (i.e., no documents were submitted).The only two significant things that can affect this pre-approval are: This means that even if you check your credit scores with a different lender before checking CarMax’s pre-approval status, they will not be affected by it. Is Carmax Preapproval Accurate?ĬarMax Auto Finance provides pre-approved offers to interested car shoppers free of charge and at any time. You’ve heard about Carmax’s 72-hour return policy so that even if you decide not to buy with them after looking at their inventory, no one will know but you.After all, it’s not very often that you buy a new car. ![]() You want to reserve the right to visit other dealerships to look at different models because you don’t want to lose that option.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. The answer is “yes.” Unless you are planning to pay cash for a car, a pre-approval is recommended. You may be wondering whether you should first get pre-approved for a loan before visiting CarMax to shop for cars. Related Articles Should You Get CarMax Preapproval?.What Types of Cars Can You Get Approved for CarMax?.What is the Best Credit Score to Purchase a Car?.What are Alternatives for a CarMax Preapproval?.What if I am Denied a Preapproval from Carmax?. ![]() How Do I Know What CarMax Pre-Approved Loan I Am Qualified For?.The Disadvantages of a Preapproval from CarMax for a Car.The Benefits of CarMax Pre-Approved Financing.Is a CarMax Preapproval a Soft Credit Pull?. ![]()
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