The car buying process can be rough, especially when navigating rates. As you search for the right vehicle, you might wonder which car suits you the best. How much can I afford? What are my chances of getting approved? What loan offers will I get? Or why should I get pre-approved? Here are a few reasons why it's best to seek pre-approval when searching for a car.
It Gives You a Realistic Budget
One of the best advantages of getting pre-approved is knowing how much you can borrow and what you need to budget for monthly payments. Doing this can help narrow your search to focus on specific features you want your car to have.
Another reason is that these quotes will give you detailed information about how much your loan rates will be, taxes, title, and other fees.
While searching, it's beneficial to review your credit report. Your credit history significantly influences the pre-approval process, forming the basis for most auto lenders' loan offers. If you have poor credit, it might be best to build your credit up before filling out loan applications to ensure you'll get the best one the first time. However, even if you have poor or bad credit, there is still hope! Contact us at Glockner, or visit one of our Glockner Auto Credit locations to learn how you can get a vehicle, even with poor credit.
It Gives You Stronger Negotiation Power
Another perk of getting pre-approved is having more power on the negotiation table. It shows that you're a serious buyer and lets you focus on the car's price rather than the loan amounts. Car dealerships often prefer buyers who have their financing sorted out as it reduces the risk of deals going under. Also, pre-approval gives you a benchmark to start your negotiations on, giving you confidence before you walk in.
It Gives You Tailored Rates
Lenders can assess your credit score and determine how much they'll offer. Pre-approval allows them to provide specific loan offers tailored to your financial situation. Depending on your income, credit score, and other factors, lenders can present a range of options, allowing you to choose the one that fits your budget.
How To Get Pre-Approval
If you like these reasons, let's see how to get approved. To start the pre-approval process, you'll usually need a state-issued ID, your social security number, proof of income, and proof of employment. Once you do that, your auto lender will grant you credit acceptance, or if not, work with you to build your poor credit.
The Glockner Family of Dealerships believes that buying a car should be fun and easy, not full of snags or hassles. That's why they have an easy and fast credit approval program. Don't worry if you have less-than-stellar credit, as Glockner can solve most difficult credit problems. The Glockner Family sees you more than your credit score; they want to know the person behind it, meaning bad credit car loans are within reach.
Pre-approval is Within Reach
Pre-approval can be the scariest step when buying a car, but it's the most crucial process of your journey. For more information, contact the Glockner Family of Dealerships in Southern Ohio, and their fantastic financial department will be happy to help you.