Preapproved Auto Loan - What Is It?

During a time when the economy remains uncertain, purchasing a new vehicle is not without its challenges. When choosing to buy a new car, obtaining a pre approved auto loan can save consumers both time and money. In most cases, pre approval for any kind of automobile loan is quick and easy, offering an advantage for consumers, even when bad credit is a factor. Be aware of the options available to you; bad credit is no longer a prerequisite for credit rejection

Buying a new car can be an exciting and stressful moment, especially when dealing with the unknowns of obtaining and filling out a credit application and dealing with aggressive sales representatives can be daunting. Many auto dealers are less than forthcoming about price, interest rates and overall cost of the vehicle. When securing a pre approved car loan the amount of the loan can be approved before you begin to shop for a car allowing one to compare rates, and vehicle prices. In many cases, poor or mediocre credit is not an issue because institutions dealing with pre approval process large volumes of automobile loans and are suited to accommodate the consumer not the car dealers. Additionally, the endorsement process is quick, efficient and easy, offering instant approval in most instances. Loan options are provided from different lenders allowing the consumer to compare and contrast different loan types, offering more flexibility in how much is borrowed, the rate at which the financed money is to be paid back and offers more flexibility to the buyer.

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Loans that are pre approved give the buyer the capability to walk onto a car lot and make offers on the vehicle of his or her choice with their own terms and rates. This considerably cuts down on the amount of control and authority the car dealerships hold, giving the buyer more room for lower interest rates, little or no down payment options, and the ability to tailor their individual needs to the purchasing process. The flexibility and saving available via pre approval is lengthy. The buyer is always in the driver's seat and is able to forgo forfeits of dealer discounts, specialty packages, and exclusive rebates and sales.

Continue to research specific cars and deals, remain aware of individual credit issues and investigate the best rates available for your state. Different auto dealers offer different specials, packaging and rates, so be diligent in making inquiries, exploring your options and nailing down the best vehicle opportunities.

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