Arriving With a Loan Pre-Approval Has a Lot of Upside

Why Pre-Approval For a Car Loan is Smart

Not a lot of people walk into the Davey Auto Sales office with a bag of money ready to buy a car, truck or SUV. That means the vast majority of our clientele will need to find a way to finance their purchase. Some customers with a favourable credit report or history can get pre-approved for a loan. There are a few reasons why getting pre-approved for a car loan is a smart strategy, and the team at Davey Auto Sales wants to share them with you. Let’s take a closer look at some critical information you may need before your next vehicle purchase. 

READ MORE: Contact Our Financing Department

How Do You Get Pre-Approved For a Car Loan?

There are a lot of places to find financing for a vehicle purchase. While you’re checking out different lenders, their interest rates and other information, you’ll fill out some forms. These forms will outline your current financial status, credit history, etc., and the lender will decide how much they’ll approve you for. Getting pre-approved doesn’t automatically mean the money will be handed out. You’ll need to work out the conditions and other details with the lender.

Advantages of Having a Pre-Approved Car Loan

If someone is in a position to get pre-approved for auto financing, it really puts them in a special position. Some of the advantages of being pre-approved include:

• Improved negotiating power – Since you already know you’re in a position to get a favourable interest rate and other perks, it will be easier to resist some of the deals offered by a dealership’s financing department.
• Better budgeting – Part of the pre-approval process will be laying out the payment schedule. Having that information readily available will help buyers better nail down their monthly budget.
• Simplified Shopping – Since you know how much your payments will be, you don’t have to think about any cars that fall outside the pre-approval amount. This will help buyers resist temptation and take risks down the road on something they might not be able to afford.

Davey Auto Sales has decades of experience working with people needing all kinds of help finding financing solutions. If you have questions about our unique process, make an appointment with one of our representatives today.