AutoLoan Pre-Qualify

Anonymous · ‎03-21-2012

One of the websites I looking to buy a car is offering Pre-Qualify options for an autoloan with rates starting at 1.9%. It claims no credit check and does not need your SSN or DOB. This is their disclaimer:

I understand that by clicking the "Get Payments" button, I am providing "written instruction" under the FCRA authorizing Drive It Now and Auto Equity Inc to obtain personal credit and other information from the consumer reporting agency solely for credit pre-qualification. This process will have no affect on my credit score.

Has anyone done this before? Does it really not effect your credit score? Were you really offered financing at the rate they "pre-qulaified" you for?

pizzadude · ‎03-21-2012

@Anonymous wrote:
One of the websites I looking to buy a car is offering Pre-Qualify options for an autoloan with rates starting at 1.9%. It claims no credit check and does not need your SSN or DOB. This is their disclaimer:
I understand that by clicking the "Get Payments" button, I am providing "written instruction" under the FCRA authorizing Drive It Now and Auto Equity Inc to obtain personal credit and other information from the consumer reporting agency solely for credit pre-qualification. This process will have no affect on my credit score.

Has anyone done this before? Does it really not effect your credit score? Were you really offered financing at the rate they "pre-qulaified" you for?

This type of pre~approval would likely be similar to credit card pre~approval websites. It is not a guarantee or an actual approval though.

It sounds like they would be doing a soft pull on your credit reports based on the fact that they claim it won't affect your credit score.

In order to go through with the approval they will eventually have to pull your credit, which will very likely be a hard pull.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

Anonymous · ‎03-26-2012

Hi, I'm with DriveItNow and can answer your questions directly.

I assume you are using this service on an auto dealer's website?

The credit pull is simialr to a soft-pull in the fact that it does not affect your credit score. Your credit information is used to pre-qualify you for actual finance programs the dealership offers. If your credit information is attainable and we are able to match you with a finance program, your patment options are displayed.

The dealer would need to obtain a full credit application in order to complete the selected loan option.

The service is created to help consumers view real finance offers and payments before going into the dealership.

Please let me know if you have any further questions. It's always good to get feedback from the consumer side of the experience to help make the service better.

-Tarry