How to Get Pre-Approved for a Car

When it comes to car loan pre-approval, making the effort to get pre-approved for a car loan around Leominster can save you time, money, and headaches. Read what you need to know about getting pre-approved car financing, then check out our car buying tips to learn more about car financing.

What is Car Loan Pre-Approval?

Before you start looking at cars, you can go to several financial institutions and apply for auto financing pre-approval. Pre-approval makes car shopping so much less stressful because you already know what kind of financing you can get.

Why You Should Get Pre-Approved for a Car Loan

Car loan pre-approval is a good idea for a couple of reasons. First, it helps you set a budget and stay there when you are car shopping. Second, knowing the amount of money you will need to borrow and what it will cost helps you negotiate with the dealer. Finally, getting pre-approved for car financing takes the pressure off to accept deals around Fitchburg because you already have financing, but you are free to accept a better deal if you find one because pre-approval is not binding.

Pre-qualified vs. Pre-Approved

There is a difference between being pre-qualified for financing and car loan pre-approval. Pre-qualifying doesn’t require a complete credit check, so it doesn’t take very long, but you aren’t guaranteed a particular interest rate. It’s a good idea to wait until you are ready to buy a car, then get pre-approved to make the process quicker and easier.

How to Get Pre-Approved for a Car Loan

When you set out to get pre-approved car financing, you will need to collect some information and documents. Auto financing pre-approval is similar to applying for a car loan and you need the following information:

• Contact information, including date of birth and social security number
• Address, length of time you have lived there, whether you are renting or own the property, and the amount of your monthly rent or mortgage payment
• Your employment status, employer’s name, and your income
• How much you want to borrow and how long the loan will last
• If you have a vehicle to trade in, have the title and registration with you

Talk to Ron Bouchard Chrysler Dodge RAM About Your Next Car Today! 

Give us a call to find out what kind of financing we can get for you to get you into your next RAM, Jeep, Dodge or Chrysler vehicle. When you are pre-approved in Gardner, you can find your dream car at Ron Bouchard Chrysler Dodge RAM!