{"id":2738,"date":"2018-12-31T17:51:45","date_gmt":"2019-01-01T00:51:45","guid":{"rendered":"https:\/\/lendingarch.ca\/?p=2738"},"modified":"2018-12-31T17:51:45","modified_gmt":"2019-01-01T00:51:45","slug":"car-loan-pre-approval-before-dealership","status":"publish","type":"post","link":"https:\/\/bestlendersfor.ca\/car-loan-pre-approval-before-dealership\/","title":{"rendered":"Car Loan Pre-Approval Before Going into a Dealership"},"content":{"rendered":"

With so many car models, hundreds of cars in the lot, and pricing structures that aren’t always easy to understand, a trip to the car dealership<\/a> can be stressful.<\/p>\n

Sure, a car finance calculator<\/strong>\u00a0is going to help relieve some stress by showing you what car loan rates you can afford, but that’s not all that’ll help.<\/p>\n

Getting pre-approval for a car loan prior to your visit can make the entire process feel less overwhelming<\/strong>.<\/p>\n

If you\u2019re in the market for a new car, getting pre-approved is a smart first step. While the process is simple and takes less<\/em> than five minutes, many people overlook pre-approval and instead focus on finding the best deal at the dealership.<\/p>\n

This, unfortunately for most, can be a mistake that lands borrowers with high car loan rates that aren’t affordable.<\/p>\n

Even if you have bad credit,<\/a>\u00a0car loan pre-approval is the smart way to shop for a car.<\/p>\n

So, here\u2019s everything you need to know about getting pre-approved<\/strong>.<\/p>\n

What is Car Loan Pre-Approval?<\/h2>\n

Car loan pre-approval<\/a> is a preliminary evaluation of potential borrowers that determines maximum loan amounts<\/em> and car loan interest rate estimates<\/em>.<\/p>\n

This\u00a0doesn’t<\/strong> mean that you are committed, nor guaranteed, to specific loan terms. Instead, it is simply a way to better understand your possible loan options.<\/p>\n

Once you know have an estimate of your rates, you\u2019ll have a clearer picture of the type of car you can afford.<\/p>\n

Here\u2019s how the pre-approval works at LendingArch<\/a>:<\/p>\n

    \n
  1. You fill out a short online questionnaire<\/li>\n
  2. Hit \u201csubmit\u201d<\/li>\n
  3. A qualified loan expert sends you car loan options<\/li>\n<\/ol>\n

    Unlike most applications, there\u2019s no credit check<\/strong> with LendingArch. This means that there won\u2019t be a hard inquiry on your credit.<\/p>\n

    Our loan experts believe that you\u2019re more than just a number. Because of that, we look at your complete financial picture and provide you with auto finance options accordingly.<\/p>\n

    LendingArch provides car loan pre-approval for potential borrowers with any credit score<\/a>.<\/p>\n

    Pre-Approval Now, Rewards Later<\/h2>\n

    In the rush of day-to-day life, it\u2019s easy to lose sight of the big picture.<\/p>\n

    For example, if you need to buy a car, it\u2019s tempting to focus on the details of the car – the make, model, year, etc.<\/p>\n

    But there’s a big problem<\/strong> with focusing on car aesthetics and features. Unlike considering your personal finances and making a responsible decision, these things are much more appealing.<\/p>\n

    When it comes to buying a car, nothing<\/strong> is more important than your finances. Why? Because the amount you can afford to pay will ultimately determine everything else. Even the color of car you can buy. (Did you know that some car colors can cost more<\/a> than others?)<\/p>\n

    By prolonging the hardest part of the process – the finances – you\u2019re actually making the entire car-buying experience more stressful. This is why prior to stepping in a car dealership, you should get pre-approval for a car loan.<\/p>\n

    Alongside this process, take advantage of a car finance calculator<\/a> for a better idea of what car payments you can afford.<\/p>\n

    How to Prepare for Pre-Approval<\/h2>\n

    Car loan pre-approval is a relatively simple process that only takes a few minutes. But the application you have to fill out will ask for specific information.<\/p>\n

    Remember, pre-approval is in no way an agreement on auto loan terms. It simply gives you a rough idea on what terms to expect when you actually take out the loan.<\/p>\n

    This is a very important step, particularly for potential borrowers who:<\/p>\n