Whether your 1st car or your 5th car, buying a car is always "a process." First, you have to research which car will perfectly fit all your wants and needs. But when it comes to financing a car, this can be the most stressful situation of all. So, to help yourself before landing in the 'negation den,' we strongly encourage you to get pre-approved for a Vehicle Loan. Here are some reasons why:
Cash like advantage
Getting approved for a vehicle loan before heading to your local dealership can give you the same perks as the "cash advantage." This can significantly put you in a more powerful negotiating position than the dealer. You are not relying on the dealership to provide you a "good price" with their "good terms" for financing the car by getting pre-approved. Once approved, you will already have a good idea of what your monthly payments will be, so the only thing to negotiate is the "out-the-door" price (the total amount you will pay for your car).
Not on pins and needles
There is nothing worse than the anticipation of waiting for approval from the dealer to know if driving your dream car off the lot is going to be a reality or not. However, being pre-approved takes away that stress because you know you're covered. So, sit back and relax because, guess what, you already know what your reality is! VROOM VROOM!
Setting a realistic budget
Another perk to being pre-approved is knowing your budget! It's easy for your eyes to grow bigger and cars to look shinier when having that spellbinding and beloved test drive! So, when you sit down and talk numbers, it's easy to cave. However, by getting pre-approved beforehand, you can mentally prepare yourself to know exactly what you can afford and at what monthly cost! And remember, you don't have to use the total amount you've been approved for. So, if you can drive away for less, you can feel even more like a winner in the driver's seat!
Avoid unnecessary upsells
When you thought the stress of wheeling and dealing was behind you, you walk into the finance department expecting to sign the papers and get out of there, but at that time, the dealership will bring forth the options of "add-ons" to the price of your car that may be unwanted. Having your pre-approved budget will help you say, "This is what I'm pre-approved for, and I cannot go over it." Book closed.
*To apply online for a pre-approved Vehicle Loan with low rates and flexible terms, click here.
*Want one more step towards convenience? We have partnered with CarScouts to bring you the car you've been looking for without stress! View more information here.