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!