Car Loan Pre-Approval: The Best Way To Start Buying a Car
Car Loan Pre-Approval: The Best Way To Start Buying a Car
Posted on March 22, 2021
Car Loan Preapproval in Guelph, and preapproval in general is something we like to speak on a lot with our blog. There's good reason for that, it plays an important part in our car loan application process. So much so, that we see it to be a must!
Here’s why.
Why Car Loan Preapproval In Guelph Is Important
There are several good reasons why we recommend you get preapproved for an auto loan in Guelph. There are some practical reasons and an important emotional reason.
Shows you what you can borrow
An important aspect of auto loan preapproval is showing you just how much you can borrow. It’s a yardstick to show how much you could potentially borrow in your current situation. This saves applying for the loan only to be refused.
If preapproval doesn’t work you can simply lower the loan amount until it does. Then you have a fairly accurate idea of where you stand.
Helps you decide how much down payment you need
If you know you can borrow X amount as an auto loan and the car you’re looking at costs Y, the difference between the two is the amount you need to use as a down payment.
Whether you make that up with a trade in or save for the deposit is up to you. But what you have after preapproval is a reliable measure of how much you’re going to need.
Tells the dealership you’re a qualified buyer
With the best will in the world, sales people cannot spend hours with everyone that walks into the dealership. They don’t have the time or the people for that. If you walk into a dealership preapproved for a loan, you will get the attention you deserve as you’re a qualified buyer.
You have made your intention clear, shown everyone you’re serious about buying a car and, most importantly, shown that you’re in a position to buy a car. All we need to do now is find you one!
Auto Loan Preapproval Sets Expectations
That emotional aspect cannot be underestimated. Unless you have superhuman willpower, you will walk into a dealership and fall for the most expensive car there. You’ll want all the latest tech, the latest safety equipment and the newest model.
What auto loan preapproval does is set your expectations before you get there. You’ll know how much you can afford. You’ll know your budget. You’ll know whether you can buy that luxury model or not. All before you see them up close.
This is an incredibly important element of buying a car and something that can save you money and heartache.
How To Get Car Loan Preapproval
Getting auto loan preapproval in Guelph is easy. Follow this link and complete the form. Even though it says Finance Application, it’s actually preapproval. It is not an auto loan application.
We’ll work our magic, see if you qualify for an auto loan and how much you could borrow.
It’s fast, easy and painless. All things we like when dealing with personal finance!
Contact Unique Chrysler for help, advice and competitive Guelph car finance and leasing.
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