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Is the Capital One Auto Navigator pre-qualification process a hard inquiry or does it become a hard inquiry once you go to a dealership?
They are both hard inquiries. Capital One will pull your credit, and when you go to the dealership, you have to fill out an application and they will pull your credit as well.
I am asking how far can I get in the navigator process before it is a hard pull? It says it is not an application for credit, so can I go through the process and not view or print the actual offer and it not be a hard inquiry?
@Anonymous wrote:I am asking how far can I get in the navigator process before it is a hard pull? It says it is not an application for credit, so can I go through the process and not view or print the actual offer and it not be a hard inquiry?
Sorry OP. Yes, the long form for the pre-qual (in my understanding) is a hard inquiry. The disclaimer also includes a written authorization by you to allow Capital One access to your credit report. Soft pulls do not require this disclaimer. Also, in the FAQ's, one of the questions provides instructions ro follow if someone used the Auto Navigator tool fraudulently to obtain a prequalified offer under your name. I would assume that would be known becuse an inquiry was genrated.
The language regarding application... the actual application for Capital One has always been incomplere unless that actual collateral was included.. (year, make, model, options, miles, term requested, proof of income, proof of residency etc). Then it becomes a complete application for credit.
Does this help?
@fury1995 wrote:
@Anonymous wrote:I am asking how far can I get in the navigator process before it is a hard pull? It says it is not an application for credit, so can I go through the process and not view or print the actual offer and it not be a hard inquiry?
Sorry OP. Yes, the long form for the pre-qual (in my understanding) is a hard inquiry. The disclaimer also includes a written authorization by you to allow Capital One access to your credit report. Soft pulls do not require this disclaimer. Also, in the FAQ's, one of the questions provides instructions ro follow if someone used the Auto Navigator tool fraudulently to obtain a prequalified offer under your name. I would assume that would be known becuse an inquiry was genrated.
The language regarding application... the actual application for Capital One has always been incomplere unless that actual collateral was included.. (year, make, model, options, miles, term requested, proof of income, proof of residency etc). Then it becomes a complete application for credit.
Does this help?
Yes, thank you. I think maybe you actually have to accept the offer. I was curious and completed it the other day without accepting the offer, and I have not received any inquiries on my reports. I'm not hard pressed to get a car right now, but maybe in the next 6 months. It came back with a rate of 2.45%, which is not bad and probably very close to what I would receive from American Honda Finance, which is who I financed through the last time a purchased a car.
@Anonymous wrote:
@fury1995 wrote:
@Anonymous wrote:I am asking how far can I get in the navigator process before it is a hard pull? It says it is not an application for credit, so can I go through the process and not view or print the actual offer and it not be a hard inquiry?
Sorry OP. Yes, the long form for the pre-qual (in my understanding) is a hard inquiry. The disclaimer also includes a written authorization by you to allow Capital One access to your credit report. Soft pulls do not require this disclaimer. Also, in the FAQ's, one of the questions provides instructions ro follow if someone used the Auto Navigator tool fraudulently to obtain a prequalified offer under your name. I would assume that would be known becuse an inquiry was genrated.
The language regarding application... the actual application for Capital One has always been incomplere unless that actual collateral was included.. (year, make, model, options, miles, term requested, proof of income, proof of residency etc). Then it becomes a complete application for credit.
Does this help?
Yes, thank you. I think maybe you actually have to accept the offer. I was curious and completed it the other day without accepting the offer, and I have not received any inquiries on my reports. I'm not hard pressed to get a car right now, but maybe in the next 6 months. It came back with a rate of 2.45%, which is not bad and probably very close to what I would receive from American Honda Finance, which is who I financed through the last time a purchased a car.
That's pretty good from Capital One. I have 1.99% from them and that's the lowest I've seen from them.
I did this a few days ago and it was a soft pull for me (Transunion I think). I do have accounts with Cap so maybe a hard pull wasn't necessary.
I had this same question as well. According to the Capital One site, the pre-approval would be a soft pull, and when you go to the dealership and get everything squared away, that would be a hard pull:
"Get pre-qualified
See if you’re pre-qualified for auto financing with no risk to your credit score.
Know your estimated monthly payment and APR for the vehicle you want.
Take your Auto Navigator Financing Certificate to an eligible dealer.
Fill out a credit application and sign a contract at the dealer."
So this tells me that you can be pre-approved, and then denied once a hard pull is done.