It is a good idea to secure a pre-approval for a loan before purchasing your new car. Getting pre-approved will allow you to have more negotiating power when it comes time to buy a vehicle. It will also allow you to set a budget that you can stick to while locking in an amenable interest rate. Below, Good Fellow’s Auto Wholesalers has shared an easy to follow guide on how to get pre-approved before your next vehicle purchase.
Why Should You Get Pre-Approved?
Getting pre-approval on a car loan before you shop will help you save money on interest charges. Rates change often, and sometimes the rate you are offered on the spot will be much higher than what you could secure before. Getting pre-approval also allows you to control your expenses. You will know how much you can pay before ever looking at a car. This will help you to choose a vehicle that falls within your budget, and you won’t be tempted to accept slick financing from attractively worded offers.
Our dealership offers auto financing to people with all types of credit – good, bad, and even none!
Control Your Spending
Securing an advance approval will help you save money and give you more negotiating power once you head out to look for a car. Knowing how much you plan to borrow and what rate you will pay for the loan will help you make better purchase decisions.
The price you purchase your car for will be what you are actually approved to spend. When you secure a loan before you visit the lot, 10% of your approval amount is set aside to cover the cost of taxes and any other charges. Any down payment or trade-in values can further help reduce the overall final cost.
Letting your salesman know that the amount you are pre-approved for is set in stone. You can often get add-on’s included within your budget.
How We Can Help With Your Car Loan
Getting a new car is always an exciting activity and with a preapproval in hand, it can also be stress-free. If you are interested in learning more about pre-approvals or how to apply for a car loan, Good Fellow’s Auto Wholesalers can help. Give us a call at 1 (855) 581-9590 today.