Get in the Fast Lane with a Pre-Approved Auto Loan

There are few things more frustrating than finding the car of your dreams and waiting days or even weeks for your loan to be approved. A pre-approved auto loan can help ease the stress of purchasing a new ride.

Starting the car buying process the smart way, by applying for a pre-approved auto loan, will help you:

Discover Your Realistic Budget

Getting pre-approved gives you a clear and realistic budget to stick with during your car search. A defined budget will help narrow down your car selection.

Lock-in a Better Interest Rate

Financing through the dealership is convenient but it could cost you. Dealerships may charge you a higher rate, meaning you could end up paying 1% or 2% more than you should. Getting pre-approved gives you the peace of mind knowing you have locked down the best rate.

Ease Your Dealer Experience

With a pre-approval, you’re in charge. Instead of worrying about the monthly payment price, you can focus on the total cost of the car. When you negotiate monthly prices there is a higher chance for inflated fees (this is how many dealers can “lower” the monthly price you pay without it affecting their bottom line).

Gain Negotiation Power

Getting pre-approved gives you many of the same perks as a cash buyer, including more effective negotiations. Not having to worry about the down payment or loan terms allows you to focus on getting the best price on the car itself.

A pre-approval from Michigan First Credit Union allows you to stop worrying and spend more time enjoying your new set of wheels!

Leave a comment | 4 comments

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  1. Deb Pearl

    I really want to buy a car, but I need a loan to do so. That is a great idea to get pre-approved for a loan. That would really give me a clear and realistic budget. Thank you so much for the information!

    Reply
  2. George Raymond

    In this article mentioned about a pre-approved car loan can help ease the stress of purchasing a new ride. Pre approved loan help you to discover your realistic budget, Better interest rate, Ease your dealer experience, Gain negotiable power. Thanks to this article!

    Reply
  3. Sam Li

    I love what you said about easing your dealer experience. I believe that receiving an auto loan is a great way of financing a car. If I were to buy a new car, I would make sure to find the best loan service in town.

    Reply
  4. Adrian Jones

    I like how you mentioned that looking for the best interest rates with personal loans can help you get better rates when you want to take out a loan in order to buy a car–and that you should have a good credit score before doing so. At the same time, getting pre-approval shouldn’t be too much of a problem when it comes to getting the loan to go through the service so that you can be on your way to getting a nice car. While I haven’t had to take out a loan for when I wanted to buy a car, at least it’s good to know that as long as you have a good credit score, you can potentially get that loan approved so you can pick up a car to call your own.

    Reply