What Is Car Loan Pre-Approval And How Do You Get It?
When you are shopping for a used or new vehicle, there are a lot of positive aspects to getting a car loan pre-approval. Unfortunately, before shopping for a new vehicle, not everyone thinks to get pre-approved. That can negatively impact a car shopping experience.
Car Loan Pre-Approval – What Is It?
This is pretty much what it sounds like. In technical terms, however, here it is:
To a qualified car buyer, a lender offers conditional loan approval to finance a vehicle purchase. This loan has estimated conditions that apply differently for each person and each loan including the specific terms of the loan, how much money can be borrowed, interest rates, etc.
The fact that you’ve done your research will be evident to dealers if they see you have car loan pre-approval in place.
Places to Get a Pre-Approved Loan
There are several ways to get pre-approved for the purchase of a vehicle. These include the following.
- Credit unions – If you belong to a credit union, you can often get a better deal there than at a bank.
- Banks – While some banks will act as third-party mediators, others will actually offer car loan pre-approvals.
- Online sources – Compared to credit unions and banks, auto loan rates through online lenders can be impressively competitive.
- CARFAST AI – Below, you’ll see why this is the quickest and easiest way to get pre-approved for a car loan.
You’ll want to take the following steps to get ready for car loan pre-approval:
- Put together any legal documents or paperwork you need including your Social Security card, tax records or pay stubs, driver’s license, etc.
- Do everything you can to make sure your credit score is impressive. A bad credit score can negatively impact your loan. So, pay down credit cards, pay off other loans, pay your utilities on time, etc.
- It’s time to find the source through which you will seek pre-approval and go for it! With the financing you need in place, you can shop confidently for your new car.
Would You like to Purchase a 2013 Ford Explorer XLT?
Though we have a vast array of deals that apply to numerous vehicles, we’d like to introduce you to one in particular. The 2013 Ford Explorer XLT has numerous features, both standard and extra, including the following:
- Air conditioning
- LCD displays
- AM/FM radio/MP3 audio/CD audio/6 speakers
- Driver power seat
- Front bucket seats
- USB port capabilities
- Telescoping/tilt steering column
- Lumbar support
- Leather-wrapped steering wheel
- Heated mirrors
- Audio steering wheel controls
- Cloth upholstery
- Privacy tint
- Numerous airbags
- Latch child seat anchors/child safety rear door features
- Cruise control and much, much more
Here’s the best way to get car loan pre-approval, fast and easy…
We Have a 99% Pre-Approval! Rate!
You don’t need a car next month, you need one now. What’s the best way to go about that? Contact CARFAST AI without delay. We bring together customers in search of vehicles and the preowned cars of their dreams – and at a location that’s close by. So, you get matched up with the perfect vehicle easily and with less of your energy spent, you’ll eliminate guesswork, and cut way back on drive time.
Remember, your chances are great because our pre-approval rate is 99%! What’s more, you get to choose the best down payment for your circumstances. For every purchase, get a complimentary Carfax report. Use our convenient online form to get pre-approved today! You can also call us at 678-273-3317 or email us at [email protected].