Should I Get Pre-Qualified With an Auto Loan Soft Pull?

A credit inquiry affects your credit score. An auto loan soft pull, or soft credit check, is when a creditor or lender inquires about your credit without impacting your credit score. It’s usually a background check for pre-authorization purposes.

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You might wonder if getting a soft pull is a good idea. The YouTube video answers the question and highlights why you should get pre-qualified for an auto loan.

Understanding Pre-Qualification

The reason for doing a soft credit inquiry is to determine your creditworthiness and the loan amount you qualify for.

A soft pull allows you to compare loan offers from different lenders. It empowers you to negotiate on more favorable terms and conditions. Additionally, knowing your loan amount allows you to budget better, ensuring you choose a vehicle within your financial means. Lastly, a soft pull only provides a loan estimate and doesn’t guarantee approval.

An auto loan soft pull indicates the loan amount you may qualify for. It holds many benefits and doesn’t impact your credit score. However, you’ll still need to undergo a loan application.

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