Auto Loans. Minimum FICO credit score: No minimum but the average credit score for approved applicants is 580 on the FICO scale. LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). My auto fico score is a 712. When evaluating offers, please review the financial institutions Terms and Conditions. I also read about how many people have had huge . Save on more than just the price of gas with a Suncoast Eco Vehicle Loan. Here are some other Carvana financing features to be aware of: Loan prequalification is available through Carvanas website. Shopping for a new car can be exciting, but confusing. You can use the Carvana information to negotiate interest rates with other lenders. Yes, if the leasing company allows third-party transactions. Carvana financing offers a fixed apr car loan product that ranges from 3.96% APR up to 16.92% APR. Carvana In addition to not requiring a minimum credit score for applying, Carvana financing also offers applicants a wide range of interest rates and loan amounts. It offers guaranteed cars with a generous test drive and return policy if you arent satisfied with the car you picked out. Carvana's finance arm remains well positioned for capital market funding despite the retailer's struggle to sell a $3.3 billion debt package to finance its purchase of Adesa's U.S. car-auction business, a challenge that raised questions this week about Carvana's ability to weather rising interest rates and a dip in consumer vehicle demand. You can link a bank account, set up an ACH withdrawal from your bank account, or use a cashier's check. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Carvana only offers auto loans for used vehicles purchased through the Carvana online marketplace. At Finder, we value and respect our editorial independence. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. And if you borrowed a loan through Carvana, you can cancel your financing without having to jump through additional hoops. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. Many or all of the products featured here are from our partners who compensate us. Carvana evaluates your credit history, income and vehicle purchase price to determine your interest rate and the loan term youre eligible for. If Carvana doesn't currently allow co-signers in your state, you can finance with an outside lender that allows co-signers. Co-applicants can apply at the same time. Best Auto Loan Rates You can use a bank or credit union to finance your new or used car purchase or streamline the process with financing from Carvana. Enter information about yourself, including your date of birth and annual income. The website gives you thousands of cars to choose from, and if you decide you dont like the car within the first week, you can get your money back. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Vehicle Budget $20,000 Down Payment - $1,000 Trade-In Value $0 Est. By sharing responsibility for the vehicle loan, Carvana customers in Birmingham who qualify may unlock more attractive financing offers, including lower down payments, lower interest rates, or . Our information is based on independent research and may differ from what you see from a financial institution or service provider. Late payment fee: Yes, there is a $5 late payment fee with a grace period of 16 days. We believe everyone should be able to make financial decisions with confidence. The lowest APRs require an auto-debit discount and are available only to borrowers with excellent and substantial credit history, whose loans meet other specific credit criteria, such as qualifying loan term, loan amount, loan-to-value ratio, and vehicle . Gas guzzling vehicles impact the planet and your pocket, which is why many drivers today are choosing electric or hybrid vehicles as their next ride. Carvana had a court settlement in 2021 after it delivered cars in several California counties where it didnt have proper business licenses. Carvana financing loan amounts start at $6,900 and go up to $125,000. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. However, you give up your ability to negotiate your price and APR that youre quoted. So I sold my car to Vroom and the process was as easy as 123. PenFed's auto loan rate is pretty attractive, but this lender also offers a car-buying service to its members. Capital One Auto Finance. NerdWallet strongly recommends you pay for a vehicle inspection during this period. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. Allison Martinswork began over 10 years ago as a digital content strategist, and shes since been published in several leading financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews, Investopedia, Experian and Credit.com. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. The amount you spend on Carvana primarily depends on the cost of the car you purchase vehicles listed on Carvana at the time of publishing range from $7,990 to $212,999. All vehicles have clean titles, no reported accidents, fire, frame or flood damage. Carvana keeps an inventory of more than 25,000 vehicles, most with low mileage. Does not allow co-borrowers. Bridgecrest is Carvanas servicer. Dundas shares that, Its not uncommon to see the addition of a co-signer reduce monthly payments by over $100 per month, or down payments by over $1,000. This can make it easier to afford a more expensive vehicle. Use the calculator below to estimate your potential monthly payment with other lenders: Because of state laws, youll need to register your vehicle rather than Carvana taking care of it for you. Biweekly payments: Accepted but not through automatic payment. They do not have prepayment penalty, but they charge late fees. You can link a bank account, set up an ACH withdrawal from your bank account, or use a cashier's check. Will Carvana pick up my car? Does Carvana financing require a down payment? Everything can be done online. For example, the monthly interest payment on a $10,000 loan with a 7% APR is calculated as follows: 0.07 12 x $10,000 = Monthly interest payment of $58.33. Yes, cars must be newer than model year 1992, safe to drive, and have a working odometer. Make the deposit and finalize the purchase To finalize the purchase, you'll need to verify your identity and sign a contract or two. Terms are highly customizable, and youll be able to browse from its large inventory of used vehicles. Online car buyers can choose a car from the Carvana website, select financing terms and complete loan paperwork all from home. Step 1: Pick out a car You can easily browse cars by location or vehicle type on the CarMax website. Buyers have reported problems receiving titles for purchased vehicles. If you qualify for financing, you should be able to purchase any vehicle within your price range. Carvana features auto loan financing for new and used vehicles purchased on their platform. While it allows prequalification and clearly lists all fees, Carvana doesnt specify the maximum APR offered. As I checked, if youre purchasing a car, youll need to provide a valid drivers license under your name. A Red Ventures company. PenFed's online application process is simple and quick, but you'll need to be a member to be approved for a loan. Once you take possession of your car, youll have seven days to drive it around and get it checked by a trusted mechanic. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners. Carvana receives mixed reviews from its customers. Carvana is a suitable option if you want to shop for your next car from the comfort of your home and handle the financing online. But proceed with a measure of caution when using Carvana: The dealership might charge a hefty delivery fee, and Carvana has had legal issues on more than one occasion. Credit score of 500+, legal US resident and ages 18+. Each Carvana vehicle has been inspected and reconditioned by a technician, and the cars the company sells have no reported fire, frame or flood damage (according to their CARFAX and AutoCheck reports). It's easy to see personalized financing estimates. Carvana had acquired cars at a higher rate during the core part of the COVID-19 pandemic. Afterward, loan servicing (payments, questions, issues, etc.) It is an especially great option for younger drivers who are still working to build their credit, says Matt Dundas, Carvanas director of finance. Create an account by entering your email, password and mobile phone number. This can be a selling feature for consumers who dont want to haggle over auto prices. Beyond that, the process is a little unclear. Rates are about the same although borrowers with poor credit may have to settle for a higher APR with Carvana and both have loan terms up to 72 months. 2023 Bankrate, LLC. Carvana investors on the Q2 2022 earnings call | Source: SaturdayTradition.com So they bailed on the stock and sent it crashing. ET. Maximum loan-to-value ratio: Did not disclose. If I finance with them can I pay it off early without incurring the high interests. But be sure to have a source like Kelley Blue Book or Edmunds open while you compare models. During the application process, Carvana can be contacted by phone, website chat or text. Carvana shoppers who have already compared other financing options: Best for borrowers who want a streamlined finance process backed by banks. CarMax financing: how it works If you are interested in buying a car from CarMax, and using a loan from CarMax Auto Finance or its partners to pay for it, you'll first need to pick out a vehicle. No deposit is required to hold a vehicle. Support is available online and by phone from 8 a.m. to 10 p.m. This includes car buyers with bad credit typically FICO scores below 630 who may have trouble getting loans from traditional dealerships and lenders. Much better. Heres a quick breakdown of what Carvana offers. I just have not purchased things on credit in years. It only takes a few minutes to receive an offer. Meanwhile, Carvana will deliver the car to your house free of charge if you live within one of its local markets. If your title still reflects a lien, you'll need to upload a lien release document. Interest rates were at record lows in 2021. Carmax, for example, also sells used cars online. No impact to your credit score. If my total is $20,000 and pay it off in six months and I ended up paying maybe $1,000 in interest it's fine or if I pay a few months at that interest and refinance. Carvana also had a pending lawsuit as of late 2022, which was brought by customers who didnt receive proper vehicle registration and, as a result, couldnt legally drive their cars. During the application process, borrowers work with a Carvana representative. On the other hand, Carvana delivery can be expensive, and the company has a checkered legal past. If youre thinking of buying a car from Carvana, here are a few points to consider: Many companies have filed bankruptcy, restructured and continued operating. Talk with a financial professional if you're not sure. LendingTree, LLC is a Marketing Lead Generator and is a Duly Licensed Mortgage Broker, as required by law, with its main office located at 1415 Vantage Park Drive, Suite 700, Charlotte, NC 28203, Telephone Number 866-501-2397, Best Used-Car Websites For Online Car Shopping, Second-Chance Car Loans: What They Are and Where to Find Them, Dealer Fees to Watch Out for When Buying a Car. In markets it serves locally, yes. But, co-signing is a big commitment, so before signing off consider the. Apply Now. . But I am still looking into credit unions. We always recommend that you get a car loan offer directly from a lender for comparison's sake. Once youre ready to buy a car, youll need to provide proof of income and other documentation to complete the financing process. GAP is only offered for New and Used Car Loans. Its inventory has models from a variety of manufacturers, including luxury brands. Carvana prices are non-negotiable. Carvana is not accredited through the Better Business Bureau (BBB), but it is listed on the New York Stock Exchange (NYSE). Bankrate has reviewed and compared the best rates for bad credit auto loans. If you finance with Carvana, consider whether. It will reach out around 10 businesses days after your financing is approved and your car is delivered to set up your monthly payments. Auto Payment Calculator No negotiations on sales or trade-in offers. Carvana provides extensive customer support that goes beyond normal business hours to make your purchase as painless as possible. As of August 2022, Atlanta residents are now able to add a cosigner to their Carvana auto loan. The only thing you really have to do is qualify. Taxes will need to be paid to the state, along with any applicable registration and title fees. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. But Carvana isnt as strict: There is no minimum credit score, and you may qualify for a loan with an income as low as $4,000. Trading in a car may reduce the amount of sales tax you pay. Once you're prequalified, your financing terms will appear under the picture of every vehicle you view on Carvana's website. 1 Get the most when you sell your car. Whether you're purchasing new or used or looking to refinance a vehicle, UFCU offers the same low rates and flexible terms. Carvana offers loans with a low minimum annual income requirement of $4,000 much lower than traditional . No origination fee. Carvana is an online-only used car retailer that also offers financing and warranties for the vehicles it sells. Downpayment must be made all at once using cash, ACH, trade or a combination of the three. No wonder Carvana is in financial crisis, from what I've read, using this company they're associated with to finance loans. EQ=850 EX=845 TU=843 0/24 UTIL=$1 AZEO. This sounds too good to be true to me, as I have only been building my credit for 7 months! An auto loan co-signer holds equal legal responsibility for paying off the vehicle without full ownership and can serve to achieve more competitive rates. Carvana updates its listings frequently, so if you dont find the right fit, check back to see if any new options have come onto the site. $20,000 Loan Amount Get Started Monthly Payment* $386.66 Term 60 months APR* as low as 6.00% Offer Details Shop all vehicles with your real monthly payment and interest rate. Application process 100% online including document upload. Carvana is an online-only used car retailer that also offers financing and warranties for the vehicles it sells. Yes, after the first payment a borrower can choose the due date, but only twice during the loan term. Carvana allows you. 4. Auto financing 101 - car loans, refinancing, and more. 2 Car dealers don't make their money selling cars. Carvana only lists the following qualification requirements: Youll need to provide documentation, like a recent utility bill, loan statement or lease agreement, for address verification purposes. Since Carvana offers a range of loan terms, consider if a long-term car loan is the right choice before applying. Online, in-person or both: Process is 100% online, including document upload. See All Insights. Finder.com is an independent comparison platform and Going with a . Finder monitors and updates our site to ensure that what were sharing is clear, honest and current. The company is not accredited by the Better Business Bureau. Its available to consumers looking to purchase a vehicle on Carvanas website and have it delivered to their doorstep or using a car vending machine in their local area. Carvana will also verify your income through your two most recent consecutive pay stubs, three most recent bank statements or Plaid. They claim to work with all . The companys path forward remains uncertain, and some Carvana buyers have reported issues getting titles for their vehicles. Carvana shoppers can pre-qualify with a soft credit inquiry, which does not affect credit scores. Carvana takes care of registration, so when your car is delivered, it will come with temporary plates. Or finance with your bank or send cash via a secure electronic payment. Youll need to provide the lenders information to Carvana when you begin the buying process. In 2022, that number jumped to $48,000 - an 81% increase in just two years. In this article, well explain the meaning of MSRP and what it means for your wallet. Carvana is available Monday-Sunday, 7 a.m.- midnight ET by text, 7 a.m. - 8:30 p.m. New York, NY, 10016. Process is 100% online, including document upload. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Choose your method of payment. Message 4 of 14. Depending on your states regulations on lending, you may need to be older. When evaluating offers, please review the financial institutions Terms and Conditions. Past bankruptcies may be accepted. If you dread visiting car dealerships and haggling over vehicle prices, Carvana might be right up your alley. Does Carvana have restrictions on trade-in vehicles? Carvana provides access to a large inventory of used vehicles, along with a seven-day, money-back guarantee. Do not sell or share my personal information. Carvana is the best choice for people who want to take care of financing and buying a car all from the comfort of home. To prequalify you will need to enter your: If you plan to sign off on financing with the help of a co-signer, simply input their information on the first application page. Can I purchase with a state I.d or do it have to be a valid drivers license? Accepted but not through automatic payment. Each vehicle undergoes a 150-point inspection to confirm they havent been in any accidents, dont have any current manufacturer recalls listed and are in solid driving condition. If you have a loan, you'll need a photo of your registration and of the 10-day payoff statement from the lender. The added debt nearly tripled the firm's interest expenses during the first nine months of 2022, compared with 2021. ET on the seventh day, youll be able to return your car. Hope this was helpful. Confirm details with the provider you're interested in before making a decision. Privacy Policy. After you select a car, youll need to choose how you want to pay, which presumably includes the option to select Carvanas in-house financing. To do so, they must call loan servicer Bridgecrest at 1-800-967-8526. We may also receive compensation if you click on certain links posted on our site. According to CarMax, loan rates range from 2.95 . We may receive payment from our affiliates for featured placement of their products or services. As an alternative (and much more exciting) option, you can pick the car up from one of Carvanas 34 car vending machines theyre basically tall, glass towers that dispense vehicles on demand. You can use Carvana financing to buy a car through the online lender, or use a loan from your own bank or credit union. Offers are good for 45 days. Yes, and can be made through automatic payment. If theres a match, you will be able to view actual loan terms and monthly payments for the vehicles available for sale on the platform. I used them to make sure I got the vehicle I wanted through Carvana before someone else did, but that was a huge mistake. Re: Carvana approved me ! Once an underwriter picks it up, it generally takes between one or two business days to verify your income. On . Here are the current best auto loan rates from national lenders, including banks, credit unions and online lenders. It only takes a couple of minutes to get a rate quote, which wont impact your credit scores. Use the auto loan. Somehow, despite selling 117,564 cars in Q2 2022, Carvana still posted a $439 million loss. Hardship plans: Yes. Otherwise you will need to drive to meet a Carvana representative in one of the areas it does serve. NerdWallet recommends requesting proof of title availability before signing to buy a car through Carvana. You can apply when youre ready to buy a car, or you can get preapproved for 45 days to browse its inventory with an idea of how much you can afford. Carvanas streamlined process is faster than most dealerships. If you live outside its delivery zones, Carvana hires a third party and costs range from $199 to $1,000. Auto Refinance Rates Carvana rates are pretty high. I need a car and found a fairly rare car that I wanted on there but don't have the full amount to just outright buy it. LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). You dont need perfect credit to qualify for financing, and you can view potential loan offers with no impact on your credit score. And for an 84-month loan, you'll need to borrow at least $25,000 and buy a vehicle from the model years 2020 to 2022. Buyers in several states have reported persistent issues getting titles for their Carvana vehicles, leaving them unable to register and legally drive their cars. If the rate youre quoted doesnt meet your expectations, dont worry: Carvana allows you to pay with outside financing as well. The minimum insurance required for Carvana depends on your financing. I'm just ignorant to buying a car but will be paying it off early without too much penalty hopefully. Once the vehicle is unloaded, you can take it for a test drive. Loan Types and Terms. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. With Carvana, however, every car comes with a limited 100-day, 4,189-mile warranty. The minimum APR of 6.85 percent is fairly middle of the road, and it charges standard NSF and late fees. Youll need to make the first of your monthly payments 28 to 30 days after you receive your car. Carvanas pricing is still competitive, and for people who hate negotiating, its a convenient way to avoid the sales runaround of a traditional dealership. A photo showing current odometer reading, and driver's license photos of persons listed on the title and registration. While Carvana does provide financing for car buyers with bad credit, loans for these borrowers may have a much higher APR than rates available from other lenders. We make it easy to manage your account online, find convenient payment options, and get assistance when you need it. The payment overage goes toward the next payment, but borrowers can request that it be applied to principal. Your APR can vary depending on several factors, such as your credit score. No. You are about to post a question on finder.com: document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); I was prequalified at $400 down, how does the first payment work? You have up to 45 days, so take your time to browse different vehicles. If you're trading or selling a car, you must get your vehicle to one of Carvanas service areas. With Carvana, youll need to make the first of your monthly payments 28 to 30 days after you receive your car. If you finance with Carvana, consider whether refinancing your auto loan with another lender after a few payments could lower your rate. Carvana has a large inventory of vehicles that it updates frequently. If you own the car, you'll need a picture of the front and back of your paper title. Once you submit your application, it goes into a queue for underwriting. Bad-credit applicants are welcome as long as you earn at least $4,000 a year and have no active bankruptcies. If you do plan on buying from Carvana, you could make a significant down payment, depending on the value of your current vehicle. In 2014, Carvana sold 2,105 vehicles to retail customers and another 137 wholesale at auction. You'll also need to provide your ZIP code and email address, and fill out a condition questionnaire. The financing process requires the same basic documentation as any other lender. Carvana doesn't charge any restocking fees if you live within 100 miles of one of its service areas. You can also text with a live advocate from 9 a.m. to 8 p.m. Carvana buys its cars from auctions, dealerships and customers. Even though the company makes a nice profit on loan sales, overall expenses remain high . USAA used car loan rates start at 4.79%. After everything is finalized, Carvana will allow you to select a delivery date. Its also best for individuals who may not have good or excellent credit but need an auto loan with a competitive interest rate and affordable monthly payment. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Car buyers should still take precautions when buying from Carvana. If you own the car, you'll need a picture of the front and back of your paper title. Jump to: Financing a car through Carvana | Buying a car from Carvana | Selling or trading a car to Carvana. My monthly repayment is affordable, my car drives well and I feel like I was treated fairly during the buying and financing process. PHOENIX, October 12, 2022 -- ( BUSINESS WIRE )-- Carvana (NYSE: CVNA), the industry pioneer for buying and selling used cars online, makes its vehicle financing qualification process even. Kellye Guinan is a freelance editor and writer, specializing in consumer lending. You can shop for used cars in Carvanas inventory. The process goes like this: There are lots of ways to buy a car, but if you prefer buying a used car online, Carvana wont be your only option. Rate discount: No rate discount, but there is a $10 discount on monthly payments with automatic payment. Let's dive into how you can negotiate at CarMax, Carvana, and any other negotiation free car dealership! "Carvana has its own financing department and its rates are comparable with what you'd find at a bank or other lender. In early 2023, Carvanas stock began to rebound and by early February was up 200% year-to-date (but still about 95% lower than its closing high in 2021). Financing with Carvana 1 / 8 Carvana's Approach to Lending 2 / 8 Financing Basics 3 / 8 What Affects Your Credit Score 4 / 8 Carvana made headlines in late 2022 for crashing stock prices, heavy debt, employee layoffs and some analysts predicting a possible bankruptcy in the companys future. Carvana's lender is really only targeting those who have no hope elsewhere getting financing except through "no credit, bad credit" used car dealerships. Just keep in mind that for a cosigner to be helpful, they usually need a good credit score and meet the lenders income requirements. You'll need to provide your car's 17-digit VIN or license plate number, mileage, vehicle options, and loan or lease information. To finance the deal, Carvana borrowed $3.3 billion at a 10.25% interest rate. If you have a particular make or model in mind or have a price point you wont go over you can easily narrow your search. Other vehicle restrictions: Only vehicles purchased through Carvana. Once youve settled on a car, you can add it to your cart. Best for used-car shoppers wanting an online car buying, selling and financing experience through one company. It also doesnt offer more than new and used car loans. If you had to pay for delivery initially, you wont have to pay to send it back. Yes, Carvana is a legit financing company and used car dealership despite only operating online. Carvana has its own financing department, so you can buy a car and get an auto loan at the same time. Car Affordability Calculator. Once youre preapproved for financing, you have up to 45 days to browse Carvanas inventory of vehicles most lenders only offer 30 days. Most customers are accepting terms with interest rates from 15% to as high I've seen 29% on cars older then 10 years with mileage over 80k. If you and the cosigner are eligible, Carvana collects drivers licenses and other documents from you both and schedules a delivery where you both must be present. When buying a car outside Carvana's local markets, you pay shipping costs. Credit union car loans offer some of the lowest rates, but you must be a member to get one. Does Carvana accept credit cards for down payments? The car is worth about $20,000 with that percentage rate it's double basically. 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That youre quoted doesnt meet your expectations, dont worry: Carvana allows to... Meet your expectations, dont worry: Carvana allows you to pay to send it back financial. Attractive, but they charge late fees partners use cookies and similar technologies to provide you the! Create an account by entering your email, password and mobile phone number who compensate us to retail customers another! What you see when you sell your car is delivered, it will reach out around businesses. 1,000 Trade-In value $ 0 Est to ensure that what were sharing is,! Rates start at 4.79 % purchase price to determine your interest rate and the process was easy! Loan servicing ( payments, questions, issues, etc. 20,000 Down payment - $.. From 9 a.m. to 10 p.m more expensive vehicle miles of one of the three also. Bank carvana financing rates, set up an ACH withdrawal from your credit score policy! A new car can be exciting, but borrowers can request that it be applied to principal live from! 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Seven-Day, money-back guarantee to upload a lien release document Pick out a condition questionnaire and information service that to... Carvana will allow you to pay with outside financing as well care financing... Of income and vehicle purchase price to determine your interest rate and the loan term at CarMax,,! Specify the maximum APR offered states regulations carvana financing rates lending, you can cancel financing. Carvana might be right up your monthly payments 28 to 30 days after your financing not! On several factors, such as your credit scores allows for 250 miles your,. Youre eligible for select financing terms and Conditions only offer 30 days been... Safe to drive, and any other negotiation free car dealership reported problems receiving for... Vary depending on several factors, such as your credit score for approved applicants is 580 on the 2022...: Pick out a car may reduce the amount of sales tax you pay goes the., income and other documentation to complete the financing process requires the basic! Assessment of those products a year and have not purchased things on credit in years order position! Takes between one or two business days to verify your income address, and it charges standard NSF late. Still reflects a lien release document technologies to provide a valid drivers license under your name, etc. auto. Kellye Guinan is a $ 439 million loss, you pay in one the... Not been reviewed, commissioned or otherwise endorsed by any of our network partners Carvana will deliver car! Sold my car drives well and I feel like I was treated fairly during the application process Carvana. To select a delivery date the vehicle without full ownership and can be contacted by phone from 8 a.m. 10! A higher rate during the application process, borrowers work with a soft credit inquiry, which does affect...