What Does “Pre-Approved” Really Mean?

Knowing how much you really have to spend before you venture into a dealership can make your car buying experience a lot easier.

For the novice car buyer, purchasing a vehicle can be an intimidating process to undertake. What kind of car should you consider? Where should you look? What can you afford? If you get pre-approval for financing, this means that your loan is taken care of before you select a vehicle to purchase.

How Do You Get Pre-Approved for an Auto Loan?

What Does Pre-Approved Really Mean?

The easiest way to get approved for an auto loan is to contact the experts here at Auto Credit Express. We’ll happily do the work for you. However, if you’re trying to find a lender on your own, there are a few things to consider.

Choosing a Lender

Not all lenders are the same, so you should take a look at several different finance providers in order to get the best deal on your loan. It will be helpful to know what your credit score is before you start applying for financing. And keep in mind that having a lower credit score will mean having to accept a higher interest rate on your loan.

If you know that you’re working with tarnished credit, you may want to put aside a lump of cash so that you’ll have a significant down payment. This will serve to noticeably reduce the interest rate that you’ll pay.

Being Prepared

It is possible to get pre-approved for an auto loan over the phone, but you’ll need to make sure that you’re ready to provide some specific information and this information needs to be accurate. Do you have a regular source of income? Can you provide proof of this income? Have you maintained the same residency for a year or more?

These are just a few of the questions that you’ll be asked. You’ll also need to start collecting and organizing such documents as pay stubs, tax records, recent utility bills, court orders, or any other income that comes from a non-job source.

Keep it Simple

Here at Auto Credit Express, we help people every day to get approved for the auto loans that they need. And having less than perfect credit just isn’t a problem when you’re working with special finance experts in our lending network. If you’re worried about doing everything “just right” in order to get the best shot at success, we’ll guide you, step by step, through the pre-approval process.

You’ll be in great hands once you fill out our quick and secure online application!

Posted on December 5, 2014 by in Auto Loans
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