Get a Car That's Best for You with a Pre-Approved Auto Loan

Buying a car can be bewildering. You step on the lot, and you see soooo many cars. Some are autos you wouldn’t ever want to drive (but you can easily afford) to your dream vehicle with all the bells and whistles. As you walk through the lot, you start looking at the price tags, and sticker shock starts to set in. You know you have enough money to afford a car payment, but you might not know exactly how much car you can get with that money. This is where a pre-approved car loan can be your best friend. Rather than picking out a car and then getting a car loan, many buyers prefer to go the other way around. So why should you get a car loan approval before stepping on the lot?

Know What You Can Afford

Applying for a car loan before you buy gives you a good idea of what you CAN buy. This saves a great deal of time in the pre-planning phase of buying a car. Many car dealerships have a sortable list of their inventory online, and if you know what your price range is, you can go right to what you can afford. This saves you time and makes the process much more enjoyable.

Cut Out the Games

Having the pre-approved loan in hand makes you the equivalent of a cash buyer. The salespeople will see you as someone who is serious about buying and will be more willing to work with you. Being a cash in hand buyer means you don’t play the “we’ll make the numbers say what they need to” game, and the smoke and mirrors show where a sales associate delays the sales process to “get you a better rate” which makes you impatient, and ready to sign anything. You know how much you have, and how much you are going to pay for it before you step foot on the lot. When a salesperson “massages the numbers,” they are usually lengthening the term of the sale, and you’ll pay more money in interest over time.

Concentrate on the Car, Not the Credit

Cash-in-hand pre-approval means that you can spend the time looking for the right car. Rather than spending all your time fretting over how good or bad your credit might be, you can shop with confidence. Take the time to know what car you need, what car you are buying, and what the differences might be. You have already finished the legwork for the money, and you won’t have to find a car lot that will hopefully approve you.

Buying a car should be as simple as buying anything else. We all know that the process is not that simple. You can iron out a lot of the wrinkles before you walk on the lot if you take the time to get a pre-approved loan. Cash in hand saves you the stress, you know what your car payment will be, and most importantly, you will pay the right price for the car you want.