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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 goal is to help you make better financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. This allows you to conduct research and evaluate information at no cost to help you make sound financial decisions. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website are provided by companies who pay us. This compensation may impact how and where products appear on the site, such as for instance, the order in which they may be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage, home equity and other products for home loans. But this compensation does not influence the information we provide, or the reviews that you read on this site. We do not cover the vast array of companies or financial deals that may be available to you.

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4 minutes read Read Published March 07, 2023

Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of using loans to buy a car.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances by providing concise, well-researched and well-researched content that breaks down complicated topics into manageable bites.

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When it comes to , you should do all you can to keep the negotiations under control. Making an application in the process of applying for an auto loan preapproval is one method to have an edge when buying a car. By doing this, you are indicating that an aspiring lender has reviewed your credit history, application and other required documents and is prepared to offer you a formal loan offer in a certain amount. This is , though the terms are often used interchangeably. If you are prequalified for the loan, the lender only performs a soft credit check, and approval isn’t assured until you have submitted the complete application. Getting preapproved for a car loan is a matter of a little bit of additional time and ensures that you have a firm estimate of the amount you’ll be spending when you go car shopping and what you’ll be given. Step 1. Gather the required documents may be preapproved for a car loan by using banks, online lenders, and credit unions. Whatever option you decide to go with first, you must begin collecting the necessary information for an application. The information you need to gather includes: Personal details, like your name, Social Security number, driver’s licence, contact details and your home 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’d like to finance as well as the desired auto loan duration. Information on the age and miles of your vehicle when you purchase a used. Information about trade-ins in the event of a trade-in. Tip from Bankrate

To make the process easier, gather necessary financial documents ahead of time and save them as PDF format on your computer.

Step 2. Shop around for loan options Just like you look around for a car, it’s a good idea to . The interest rates you pay for are determined by your credit history plus other factors and could differ by lender. By shopping at different lenders, you might be able to , and also get better loan terms. Securing an interest rate that’s just a tenth of a percentage point lower could be a significant difference in the amount you’ll pay over the life of the loan. For the best rate apply for multiple lenders. Bankrate’s advice

Find Bankrate’s top choices to begin your search.

3. Send the preapproval form Most of the time, the application process will be the same as an ordinary complete loan application. It is possible to apply via the internet, by phone or in person. If you decide to apply online, make sure you research the most trusted lenders. Whatever method you choose to fill out your application — whether online or in person you can expect to spend around 15 minutes to complete every application. Certain lenders have an complex preapproval process and others may require a minimum credit score or information regarding the age of your vehicle and mileage. Find out more information about application requirements on lender websites before submitting your application. Once you’ve submitted the requested information, most applications are typically processed in about 30 minutes. Tips from Bankrate

After your loan has been approved generally, you have between 30 and 60 days to search for a vehicle before the loan deal expires.

Benefits of benefits of auto loan preapproval Car loan preapproval comes with many benefits which include putting you in control when it comes to negotiating the most favorable deal and obtaining the lowest interest rates. Confidence Dealerships can seem overwhelmingand the buying process can be daunting. Making the decision with a preapproved loan offer on hand provides an additional layer of confidence and ease. With an approved loan, you already have a clear idea of your loan period and interest rate. This information makes it much easier to determine your monthly payments based on the sale price you negotiate with a dealer. Instead of stressing about finding car financing that you are not interested in, focus on the things that are important to you and your life. Protect yourself from unnecessary extras closing a deal on the car, especially when purchasing a car that has dealer financing and sales staff, they is often trying to push to increase the profit they earn. This might include such extras as rust-proofing the vehicle, fabric protection or extended warranties. If you’re able to get a preapproved auto loan you have an established number in mind. This makes it easier to say no to any additional expenses that aren’t included in your shopping budget when it comes time to finalize the sale. Get a better idea of what you can expect to pay. The actual cost is usually higher than expected for buyers who are first-time buyers. An accurate estimate of how much you can borrow makes it simpler to budget and ensure that you are realistic when shopping. It is important to calculate the potential for auto loans in advance to know how much you can comfortably take out. Also, when you are calculating your monthly expenses make sure you include the expense of auto insurance. You might even shop around for insurance quotes for the car you’re considering buying so that you know what the actual total cost will be. Stronger negotiation power Although dealer financing is beneficial for some drivers, preapproval means you’re not able to utilize the salesperson’s suggested financing options. Dealers will also be aware of your dedication to purchasing an automobile and may be to get your business. They might even be able offer a more competitive rate from their lenders’ network. What next steps to take if you’re planning to go car shopping, getting preapproved to get an automobile loan will give you a firm estimate of the amount you’ll need to pay. This also gives you control when it’s time to negotiate. Before you submit your preapproval form be sure to gather all the documents you need. If you intend to apply online, be certain to find reliable lenders. One of the most effective ways to check this are by checking a lender’s Google reviews by previous customers and researching their rating by Trustpilot and the Better Business Bureau and Trustpilot.

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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely using loans to buy the car they want.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances by providing precise, well-studied information that breaks down otherwise complex subjects into digestible pieces.

Auto loans editor

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