topic Re: Carmax Pre Approval in Auto Loans

Carmax Pre Approval

Joelstradamus — Fri, 06 Mar 2020 06:03:30 GMT

Hey all. I filled out an online credit app for Carmax yesterday for a new truck. A few minutes later, I received an email stating that I was pre approved for the truck. I didn't get a chance to talk to the salesperson today because of my work schedule. My question is: Are Carmax pre approvals legit? I've purchased and paid off 2 vehicles with them in the last 7 years. I've had a rough last couple of years, but I'm past that now. My EQ score is 608. Just wanted to make sure before I make the 50 mile drive there.

Re: Carmax Pre Approval

Gladius — Fri, 06 Mar 2020 16:28:02 GMT

@Joelstradamus wrote:
Hey all. I filled out an online credit app for Carmax yesterday for a new truck. A few minutes later, I received an email stating that I was pre approved for the truck. I didn't get a chance to talk to the salesperson today because of my work schedule. My question is: Are Carmax pre approvals legit? I've purchased and paid off 2 vehicles with them in the last 7 years. I've had a rough last couple of years, but I'm past that now. My EQ score is 608. Just wanted to make sure before I make the 50 mile drive there.

It's probably 100% legit, but you need to be aware of the terms before you make that trip. You don't want to get all the way down there just for them to say you were approved for 72 months at 13% interest rate.

Re: Carmax Pre Approval

Joelstradamus — Tue, 10 Mar 2020 00:17:29 GMT

Thanks for the advice. I got a 6% rate for 60 months. I'm still worried I'll get down there and it will blow up in my face. Just me worrying.

Re: Carmax Pre Approval

Gladius — Tue, 10 Mar 2020 15:15:35 GMT

@Joelstradamus wrote:
Thanks for the advice. I got a 6% rate for 60 months. I'm still worried I'll get down there and it will blow up in my face. Just me worrying.

Did they tell you how much you were approved for?

Re: Carmax Pre Approval

Joelstradamus — Mon, 16 Mar 2020 21:22:53 GMT

They approved me for the truck I want at 8%. The finance company was off about the payoff on my current truck by $100, so Carmax told they would have to run the credit app again with the correct payoff. Now I'm nervouse that it won't go through.

Re: Carmax Pre Approval

Anonymous — Wed, 18 Mar 2020 16:22:42 GMT

They are 1000% legit! I got financed for a car over the phone 1 month out Chpt13BK. Interest rate was high as $%# but when you are out of BK not much you can do about it. So I went in and got the car no issues. Refinanced about 8 months later cut my payment in half along with single digit interest rate (was double digit with the bank I used with Carmax). So they are solid

@Joelstradamus wrote:
Hey all. I filled out an online credit app for Carmax yesterday for a new truck. A few minutes later, I received an email stating that I was pre approved for the truck. I didn't get a chance to talk to the salesperson today because of my work schedule. My question is: Are Carmax pre approvals legit? I've purchased and paid off 2 vehicles with them in the last 7 years. I've had a rough last couple of years, but I'm past that now. My EQ score is 608. Just wanted to make sure before I make the 50 mile drive there.

Re: Carmax Pre Approval

Anonymous — Wed, 18 Mar 2020 16:23:37 GMT

Oh and my credit score when it was pulled by the Carmax folks was low low 500's no joke. Still APPROVED for financing!

@Joelstradamus wrote:
Hey all. I filled out an online credit app for Carmax yesterday for a new truck. A few minutes later, I received an email stating that I was pre approved for the truck. I didn't get a chance to talk to the salesperson today because of my work schedule. My question is: Are Carmax pre approvals legit? I've purchased and paid off 2 vehicles with them in the last 7 years. I've had a rough last couple of years, but I'm past that now. My EQ score is 608. Just wanted to make sure before I make the 50 mile drive there.

Re: Carmax Pre Approval

Anonymous — Wed, 18 Mar 2020 16:25:05 GMT

Nahhhh you're good to go. Go get the darn truck and post a pic of it on here so we can see how you riding!!!!

@Joelstradamus wrote:
They approved me for the truck I want at 8%. The finance company was off about the payoff on my current truck by $100, so Carmax told they would have to run the credit app again with the correct payoff. Now I'm nervouse that it won't go through.

Re: Carmax Pre Approval

daveg38 — Sat, 21 Mar 2020 14:58:17 GMT

@Morehouse3000, what kind of down payment did they expect with low-500 scores?

I'm about to try and grab a newer car from them.

Re: Carmax Pre Approval

Dj4Money — Tue, 31 Mar 2020 02:20:56 GMT

New car or new to you?

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.

Get pre-approval, Cap One can be used at most dealers, CarMax and Carvana.

Re: Carmax Pre Approval

Joelstradamus — Tue, 31 Mar 2020 02:57:49 GMT

Re: Carmax Pre Approval

AllZero — Tue, 31 Mar 2020 03:01:55 GMT

Congratulations on your approval! It's a good looking truck.

Re: Carmax Pre Approval

Jannelo — Tue, 31 Mar 2020 16:16:59 GMT

Go on Cap One and see if you prequalify. I bet your rate will be lower. Mine was. I was below 600, with derogs on my credit report.

Re: Carmax Pre Approval

tpdtopcop — Tue, 31 Mar 2020 16:49:27 GMT

@Joelstradamus wrote:

Thinking about applying to CarMax as well. Couple questions. Did they for sure pull your EQ and when you applied for the vehicle you wanted, did you have to pay the price they had it listed at or did you negotiate?