When considering applying for an auto loan, the impact on your credit score is often a top concern. If you’re wondering about Auto Credit Express and its effects on your credit, there are important points to understand. One key aspect is that Auto Credit Express itself doesn’t conduct a hard credit inquiry when you first submit your prequalification application. However, it’s crucial to note that partner dealerships, working with Auto Credit Express, might perform either a hard or soft credit inquiry before presenting loan options to you.
An advantage offered by Auto Credit Express is the possibility to trade in your current vehicle and utilize its value as a down payment. This can be beneficial for those looking to offset some of the costs associated with purchasing a new vehicle. However, it’s essential to consider the potential impact on your credit from any subsequent inquiries made by partner dealerships during the loan process.
In summary, Auto Credit Express itself doesn’t initiate a hard credit inquiry during the prequalification process. However, partner dealerships may conduct such inquiries as part of their assessment for loan options. Using your current vehicle as a trade-in for a down payment is a perk provided by Auto Credit Express. Yet, it’s advisable to be mindful of any impacts on your credit from dealership inquiries.
(Response: The effect on your credit from Auto Credit Express is contingent on whether partner dealerships choose to conduct hard or soft credit inquiries.)