{"id":14200,"date":"2020-09-29T13:18:36","date_gmt":"2020-09-29T13:18:36","guid":{"rendered":"https:\/\/www.etags.com\/blog\/?p=14200"},"modified":"2026-01-14T14:13:42","modified_gmt":"2026-01-14T14:13:42","slug":"how-and-why-get-a-preapproved-car-loan","status":"publish","type":"post","link":"https:\/\/www.etags.com\/blog\/how-and-why-get-a-preapproved-car-loan\/","title":{"rendered":"How And Why Get A Preapproved Car Loan"},"content":{"rendered":"\r\n<p>Most people looking to buy a car won\u2019t buy it cash, they\u2019ll get an auto loan to finance their purchase. In fact, according to LendingTree, on average, Americans take out about $51 billion in 2.3 million new\u00a0auto loans\u00a0each month. Auto\u00a0debt makes up 9.5% of\u00a0American\u00a0consumer debt.<\/p>\r\n\r\n\r\n\r\n<p>Dealerships nationwide can help you on-site with financing your vehicle, however that means you may not be getting the best terms on your auto loan. It can also get in the way of negotiations for a better price. Your car dealer may have less financing options to choose from, compared to what you can get on your own from a bank, credit union or online lender.<\/p>\r\n\r\n\r\n\r\n\r\n\r\n<p><strong>Which lenders can offer car loans<\/strong><br \/>Getting a preapproved car loan allows you to get the best deal for your budget, not to mention gives you a clear idea on what you can afford and what you can\u2019t. There\u2019s less chances of a car salesperson trying upgrade your purchase.<\/p>\r\n\r\n\r\n\r\n<p>The preapproval process includes a hard pull on your credit to verify what type of buyer you are. But it\u2019s not so much of an issue, because you\u2019ll have about two weeks to shop without multiple credit checks. Staying within that 14-day window will ensure you\u2019re not affecting your credit score.<\/p>\r\n\r\n\r\n\r\n<p>Bank of America, Chase, Wells Fargo, USAA, Capital One, Vroom, MyAutoLoan and \u00a0RefiJet are just some of the companies offering auto loans. Some are better than others depending on your credit score. The better your credit score, the better the interest rate.<\/p>\r\n\r\n\r\n\r\n\r\n\r\n<p><strong>Preapproved auto loan for new car<\/strong><br \/>When it\u2019s time for shopping around, you can negotiate with your car dealership the way you would even without a preapproved car loan. If you know precisely what model you want and it\u2019s a newer model, the car dealership will contact your lender.<\/p>\r\n\r\n\r\n\r\n<p>If you don\u2019t really know what type of vehicle you want, you can ask your lender for \u201ca check of sorts\u201d with the pre-approved amount but no specific car or dealer listed. Once you find your favorite vehicle, give that \u201ccheck\u201d to the dealer and they\u2019ll call to make arrangements with lender.<br \/><strong><a href=\"https:\/\/www.etags.com\/blog\/buying-a-car-spot-the-bad-car-salesperson\/\">SEE ALSO: BUYING A CAR? SPOT THE BAD CAR SALESPERSON<\/a><\/strong><\/p>\r\n\r\n\r\n\r\n\r\n\r\n<p><strong>What if you want to buy a used car?<\/strong><br \/>Buying a used car with your preapproved loan means you\u2019ll have to visit your lender\u2019s approved franchised dealerships. So you can\u2019t buy your car from a private seller. There\u2019s also rules and requirements on certain factors depending on the lender, such as age, mileage on the used vehicle, and the like. If you prefer to buy from a co-worker, an ad on craigslist, any other private car seller, or even an independent dealership, you have to get a personal loan.<\/p>\r\n\r\n\r\n\r\n<p>Getting preapproved saves you time, hassles, and allows you to get the best interest rate when financing a car.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Most people looking to buy a car won\u2019t buy it cash, they\u2019ll get an auto loan to finance their purchase. In fact, according to LendingTree, on average, Americans take out&hellip;<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,1592,39,5],"tags":[],"class_list":{"0":"post-14200","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-california","7":"category-car-buying","8":"category-cars","9":"category-florida"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.5 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How And Why Get A Preapproved Car Loan | eTags - Vehicle Registration &amp; Title Services<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.etags.com\/blog\/how-and-why-get-a-preapproved-car-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How And Why Get A Preapproved Car Loan\" \/>\n<meta property=\"og:description\" content=\"Most people looking to buy a car won\u2019t buy it cash, they\u2019ll get an auto loan to finance their purchase. 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