{"id":1558,"date":"2021-07-26T17:33:02","date_gmt":"2021-07-26T21:33:02","guid":{"rendered":"https:\/\/www.skypointfcu.com\/wph\/workarea\/?p=1558"},"modified":"2021-07-29T12:12:17","modified_gmt":"2021-07-29T16:12:17","slug":"why-you-should-get-preapproved-for-a-car-loan-view-larger-image","status":"publish","type":"post","link":"https:\/\/www.skypointfcu.com\/wph\/workarea\/blog\/why-you-should-get-preapproved-for-a-car-loan-view-larger-image\/","title":{"rendered":"Why You Should Get Preapproved for a Car Loan"},"content":{"rendered":"\n

When shopping for a new car, many people overlook one important step: getting preapproved for an auto loan. It\u2019s a simple process that can make car-buying go more smoothly and save you money.<\/p>\n\n\n\n

Preapproval is a quick assessment of your ability to pay off a loan based on your credit history and current financial state. This is how it works: You visit a bank or credit union, in person or online, and provide proof of your identity \u2014 such as your driver\u2019s license or Social Security number \u2014 your household income, and perhaps your housing costs. The lender will likely run a credit check. Then you\u2019ll find out how much it would be willing to lend you and at what rate \u2014 sometimes on the spot.<\/p>\n\n\n\n

Here\u2019s why you should get preapproved.<\/p>\n\n\n\n

You can get a better interest rate<\/h3>\n\n\n\n

If you haven\u2019t done your homework, your dealership might try to talk you into a loan at a not-so-great rate. But getting preapproved at a bank or credit union \u2014 or several of them \u2014 means you can assess the dealership\u2019s offer, and you don\u2019t have to accept it. Bringing your interest rate down just one or two percentage points can save you hundreds, maybe thousands, of dollars over the life of your loan.<\/p>\n\n\n\n

You can set a true budget<\/h3>\n\n\n\n

Once you\u2019re preapproved for a loan, you can plan your purchase. Use an auto loan calculator<\/a> to factor in a down payment, the value of your trade-in \u2014 which you can find online \u2014 and your desired monthly payment. Add about 10% for sales tax and other fees. And don\u2019t forget about insurance and the other costs that come with owning a car.<\/p>\n\n\n\n

Adjust your dreams \u2014 and budget \u2014 accordingly. Then go shopping.<\/p>\n\n\n\n

You can better negotiate with the dealer<\/h3>\n\n\n\n

Letting your dealer know that you\u2019re preapproved shows that you\u2019re a ready-to-buy customer who can walk away at any time. That curtails a lot of the early verbal dancing. Just announce you have your preapproval and will only talk price. Try something like this: \u201cI\u2019m looking for this model, in a deep blue with black leather interior and rear parking sensors. I just stopped in quickly to find out the price I would pay after you take my car as a trade-in.\u201d If the salesman doesn\u2019t listen, say, \u201cI just want to hear that one number.\u201d It\u2019s not rude to be assertive in this situation.<\/p>\n\n\n\n

And as you\u2019re signing all the papers in the finance office, if a salesperson tries tempting you with an extended warranty or other last-minute add-ons, you can use your preapproval to stick to your price.<\/p>\n\n\n\n

When you\u2019re preapproved for a loan, you have the competitive edge in car-buying. You can say no until they say yes.<\/p>\n\n\n\n

\u00a9 Copyright 2016 NerdWallet<\/a>, Inc. All Rights Reserved<\/p>\n","protected":false},"excerpt":{"rendered":"When shopping for a new car, many people overlook one important step: getting preapproved for an auto loan. It\u2019s a simple process that can make car-buying go more smoothly and save you money. Preapproval is a quick assessment of your ability to pay off a loan based on your credit history and current financial state. […]","protected":false},"author":5,"featured_media":1559,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","attr_excerpt":["Preapproval is a quick assessment of your ability to pay off a loan based on your credit history and current financial state. This is how it works: You visit a bank or credit union, in person or online, and provide proof of your identity \u2014 such as your driver\u2019s license or Social Security number \u2014 your household income, and perhaps your housing costs. The lender will likely run a credit check. Then you\u2019ll find out how much it would be willing to lend you and at what rate \u2014 sometimes on the spot."],"footnotes":""},"categories":[6,1],"tags":[],"class_list":["post-1558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-quick-tips","category-uncategorized"],"yoast_head":"\nWhy You Should Get Preapproved for a Car Loan - SkyPoint Federal Credit Union<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why You Should Get Preapproved for a Car Loan - SkyPoint Federal Credit Union\" \/>\n<meta property=\"og:description\" content=\"When shopping for a new car, many people overlook one important step: getting preapproved for an auto loan. 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