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5 Reasons To Get Pre-Approved For An Auto Loan

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5 Reasons You Should Get Pre-Approved For an Auto Loan

Authored By: U1CU on 7/30/2020

Less Stress

Obtaining a pre-approval will allow you to know what you can afford and help you stick to your budget.

Better Rates

Doing your homework on what rates are available will let you know if you are getting the best rate for your credit score, which means paying less in the long run.

Negotiating Power

Having a pre-approval will let the dealer know you are serious about purchasing a vehicle. Telling them you are pre-approved is a great negotiating tool as management knows you can take your approval to other dealerships, which will increase the incentive for the salesperson to sell you the vehicle. Just be sure to hold off on revealing your pre-approval until you’ve settled on a price.

Freedom to Shop

If you have a pre-approval, you have the freedom to shop anywhere and you don’t have to stick to one dealership. This will allow you to choose when and where you purchase your auto.

Time Saver

Pre-approvals will save you valuable time at a dealership while waiting for them to send in your information or when negotiations are discussed with the lender.

Getting pre-approved for an auto loan will save you time and money and put you in the driver’s seat to financing your new or pre-owned auto!

For more on why you should get pre-approved before visiting a dealership, check out this article from Nerdwallet.com.

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