Should I Get Pre-Approved for a Car Loan Before Shopping?
January 30, 2020
Like many Macon, Warner Robins, and Milledgeville drivers in the market for a new or pre-owned car, you may be considering financing your vehicle. At Macon Car Credit, we want to help you answer your most important questions. Should you get pre-approved for a car loan before shopping?
There are so many benefits to getting pre-approved for a loan in advance. We’ll help you learn all about them below. If you have questions, feel free to reach out to us!
Should I Shop for Cars Before Knowing My Financing Options?
There’s so much involved in car shopping, and it’s important to do everything in a way that works for you. We always recommend that you check out your financing options before you shop vehicles. There’s an enormous advantage to this: You’ll know what you can qualify for before you shop.
This will give you a better picture of your buying power. Knowing how much you’re likely to be approved for will boost your chances of getting your loan approved and decrease the number of inquiries on your credit report. This will help you keep your credit score intact as you shop.
When you shop for cars, being prepared counts. With a loan pre-approval, you’ll have a better sense of what you can spend, so you can plan to shop cars the smart way.
When Should I Get a Pre-Approved Car Loan?
If you’re shopping on a budget, pre-approved loans are an excellent option. Getting a loan pre-approval before you shop will help you determine which cars meet your budgetary needs. You’ll adjust your needs and wants based on what you can afford, rather than the other way around.
Plus, getting pre-approved will help you ensure that you get the best rate possible. You can shop around and see where you find the best rates, rather than relying on the dealership to handle it all for you.
How Much Will I Be Pre-Approved to Borrow?
How much you’re pre-approved for will depend on several factors, often unique to where you’re getting pre-approved. Our finance office sets zero minimum qualifications for pre-approval, but we’ll evaluate your auto loan based on your credit profile and personal equity position.
We have experience helping shoppers from all credit backgrounds get approved for loans. If your credit score is low, you may have to meet certain requirements for employment or income to be approved. In any case, we’ll help you get a clearer picture of what you can afford before you shop!
Get Pre-Approved for Your Auto Loan Today
Car shopping should be an exciting experience. When you take the right approach to financing, it can be! We want to help Macon, Warner Robins, and Milledgeville shoppers learn more about financing options and see the benefits of pre-approval.
If you’re ready to get pre-approved for a car loan before you shop, reach out to our team at Macon Car Credit. We’re happy to help you learn more!