Looking to buy a car with the help of an auto loan? Do you know the maximum loan amount that you are eligible for? Apply for a pre-approved auto loan. It is better than applying for a traditional loan because it will give a clear picture of the car buying process.
Do you remember the pain of abandoning your dream car because you couldn't get an auto loan approval? It is hard to let go the dream of buying your favorite car. However, times have changed with the easy availability of a pre-approved auto loan.
With a pre-approved auto loan, you can get a clear picture of the approved loan amount. Also, the lender will give you assurance of paying money as and when required. It means that the loan program will make car buying process a piece of cake for you.
Eligibility Criteria for a Pre-Approved Auto Loan
You need to submit your financial documents to the lender. He will examine your credit ratings and banking activities in detail. After inspecting your financial situation, he will provide you with an approved loan amount for buying a car.
Why opt for a Pre-Approved Auto Loan?
The following points justify why one should opt for a pre-approved auto loan rather than applying for a traditional loan:
1. Car Buying Process becomes Clear
After the lender assesses your credit ratings and banking details, you will get a clear idea of the maximum loan amount that he is ready to lend you. It makes choosing a car simple and clear. If your credit ratings are good and the lender approves you for a higher loan amount, you can buy your dream car.
On the other hand, if you apply for a traditional loan, you will have to choose the car first and then apply for an auto loan. And, if your credit ratings are not good, the lender may reject your loan application.
2. It saves Time
What if the lender approves for a lower loan amount than you expected? Don’t worry! You can spend time in arranging money for the down payment amount. Applying for a pre-approved auto loan gives you adequate time for taking care of issues such as the down payment amount and the cosigner. Thus, it makes buying your dream car easy. The biggest problem with a traditional loan is that it doesn't provide you with enough time to make arrangements for the down payment amount. Also, you need to make quick decisions in choosing a cosigner. If you are unable to secure the down payment amount and the cosigner, you will have to abandon your dream of buying a car.
3. You can enjoy Low Interest Rates
Lenders offer low interest rates to car buyers who apply for a pre-approved auto loan. The reason is that they perform strict scrutiny on financial documents and approve loan application of people with low risk. As they are not worried about their investment, they are able to offer affordable interest rates. If you apply for a traditional loan, the interest rates will be high. It is because the loan program is not designed exclusively for you.
4. Luxury of Time
Once you get a pre-approved auto loan, you get an assurance of getting money according to your requirements. Therefore, you can wait for festive offers and enjoy additional benefits or discounts.
On the other hand, approval on a traditional loan requires time. There are chances that you may not be able to enjoy the festive offers and discounts because of the long duration of the loan process.
5. Negotiations becomes Easy
Getting a pre-approved auto loan is considered as having money in your hand. The dealer understands it and so, tries to sell you a car as quickly as possible. As you have an upper hand in the negotiation process, you can negotiate with the dealer and buy the car at low price. The negotiations in a traditional loan are not effective as the dealer is aware of the fact that you do not have money to finalize the deal.
6. Future Benefits
A pre-approved auto loan, if repaid punctually, also provides future benefits. Applying for loans in the future becomes easy if the lender knows you well. He will provide you with special interest rates and reduce the loan approval time as well. It is because he has reviewed your documents in the past and is well-aware of your financial situation.
When you apply for a pre-approved auto loan, the lender conducts intense research on your banking account and financial transactions. But once the scrutiny is over, you will get a picture of your situation and it will make the car buying process crystal clear to you. So, it is better to apply for a pre-approved auto loan than to spend time on a traditional loan.
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