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How to get preapproved for an auto loan and gain negotiation power Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct your own research and evaluate information at no cost and help you make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies who pay us. This compensation may impact how and when products are featured on this website, for example for instance, the sequence in which they appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other products for home loans. However, this compensation will affect the information we provide, or the reviews you see on this site. We do not include the universe of companies or financial deals that may be open to you.



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4 min read Published on March 7, 2023.
Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of using loans to buy the car they want.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances through providing concise, well-researched and well-researched content that break down complex topics into digestible chunks.









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In the case of negotiations , you want to do all you can to manage negotiations. The application process to get an car loan preapproval is one method to have an edge when buying a car. This means the potential lender has looked at your credit score, your application and required documentation and is willing to give you a formal loan offering of a specified amount. This is , though the terms are often used interchangeably. If you are prequalified for a loan it is because the lender only does a soft credit check, and the approval won't be assured until you have submitted the complete application. Getting preapproved for a car loan is a matter of a little bit more time and will ensure that you have a firm estimation of what you can spend once you've gone car shopping and the you'll likely receive. Step 1. Gather the required documents may be pre-approved for the car loan by using banks, online lenders and credit unions. Whichever option you choose, the first step is making sure you have the required documents for your application. These include: Personal information like the name of your child, Social Security number, driver's license, contact information and your address. Income, including your employer, its contact information , and your annual earnings. The income documentation you may be asked to provide can include a W-2, tax return or pay stubs. The amount you wish to finance and the preferred auto loan time. Information on the condition and mileage of the car in the event that you are purchasing a used. Trade-in information in the event of a trade-in. Tips from the Bankrate
To make the application process easier, you should gather the necessary financial documents ahead of time and save them as PDF format on your computer.


Step 2. Find out about loan options. Just as you look around for a vehicle, it's also a good idea to . Your interest rates are dependent on your credit score and other variables that can differ from lender to lender. When you shop for a different lender, you might be able to get better rates, as well as more beneficial loan terms. Achieving an interest rate less than a tenth percentage point lower can be a significant difference in how much you spend on the loan. To get the most competitive rate complete applications with several lenders. Bankrate tip
Take a look at Bankrate's top picks to begin your search.


3. Send the preapproval form Most of the time the process for applying is similar to the typical complete loan application. It is possible to apply online, over the phone or in person. If you opt to submit your application online, research the most reliable lenders. Whatever method you choose to submit your application -- online or in person -- you can expect to spend about 15 minutes completing each application. Certain lenders offer an complex preapproval process and others may require a minimum credit score or information about vehicle age and mileage. Look for details about application requirements on lender websites prior to submitting an application. Once you've provided the required information, most applications are generally processed in about 30 minutes. Bankrate tip
After your loan is approved and you are approved, you usually get 30 to 60 days to search for a car before the loan offer expires.


Benefits of benefits of auto loan preapproval. A car loan preapproval offers many benefits that put you in control when negotiating the most favorable deal and obtaining the lowest interest rates that are available. Trust Dealerships can be overwhelming, and the car-buying process can be daunting. Making the decision with a preapproved loan offer on hand provides the buyer a sense of security and comfort. With the preapproval of a loan you have a clear idea of your loan duration and the interest rate. This makes it simpler for you to estimate your monthly payments in relation to the price you negotiate with the dealer. Instead of stressing about locating car financing that you are not interested in, focus on for you and your lifestyle. Protection against unnecessary add-ons When closing a deal on the car, especially when you buy a vehicle that has dealer financing, the sales team will often try to maximize the profit they earn. This might include such extras as rust-proofing the vehicle or fabric protection as well as extended warranties. When you apply for an auto loan, you already have an established number that you have in mind. This makes it easy to decline additional costs that aren't part of your shopping budget when it comes time to conclude the purchase. Get a better idea of what you can expect to pay. The true tends to be higher than expected for first-time buyers. An accurate estimate of how much you can borrow makes it easier to budget and help you stay on track when shopping. It is important to calculate the potential for auto loans ahead of time to determine the amount you are able to comfortably take out. Also, when you are calculating your monthly expenses make sure you include the cost of insurance for your vehicle. It's also possible to search for insurance quotes for the car you're considering buying so that you are aware of what the real total cost will be. Stronger negotiation power Although dealer financing is an excellent option for certain drivers, preapproval ensures that you will not be able to take advantage of the finance options suggested by the salesperson. Dealers will also be aware of your commitment to getting a vehicle and will likely seek to win your business. They may even be able offer the most competitive rates from their lenders' network. What next steps to take if you're planning to shop for a car and are preapproved on a car loan will provide you with a clear estimation of the amount you can spend. This puts you in control when it comes time to negotiate. Before submitting your application for preapproval be sure to gather all the documents you need. If you are planning to submit your application online, make sure to look for reliable lenders. The best methods to accomplish this is by checking a lender's Google reviews from past customers, and analyzing their score by the Better Business Bureau and Trustpilot.


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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of taking out loans to purchase an automobile.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to control their finances through providing precise, well-studied data that can break otherwise complex topics into manageable bites.






Auto loans editor




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