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How to Get a Pre-Approved Car Loan [[3380]]
You can get pre-approved for an auto loan before making a decision on an vehicle. If you're going to finance, getting pre-approved early in the car buying process helps you understand how much you can borrow for your next vehicle.
What is a pre-approved car loan?
A pre-approved car loan is a conditional loan approval granted to a buyer by a lender, with estimated terms (i.e.: interest rate, amount of money you can borrow, loan term) to finance the purchase of a vehicle. Getting pre-approved for a car loan is a great way to let dealers know you've done your research.
Steps on how to get a pre-approved car loan
1. Check your credit score
Lenders will typically run a credit check before issuing a pre-approval because it helps predict how capable you are of repaying a loan on time. Checking your credit report beforehand to ensure your information is accurate before the lender runs your credit is a way of knowing where you stand.
2. Research lenders and interest rates
After you get your credit score, start seeking out lenders. Though you can explore banks and other lenders, Nissan Motor Acceptance Company (NMAC) financing can be a convenient option for someone planning to finance at a Nissan dealership.
3. Apply for pre-approval
Once you’ve narrowed your search to a few lenders, it’s time to apply. If you decide to apply with NMAC, you can start the finance application online.
4. Review your offers
When shopping for a lender, you may receive a pre-approval from your lender of your choosing. Your pre-approval offers will state the maximum amount you can borrow, which is not the price of the car you can buy. You will need to factor the cost to cover taxes and fees. You can use the payment calculator to estimate your payments now that you have an idea on the amount you're pre-approved to borrow.
What do you need to get pre-approved for a car loan?
Lenders often ask for information about your income, credit history, employment and other debt payments when reviewing your pre-approval application. If you plan on financing with NMAC, don't forget to bring the required documents with you. You can get a head start on the Nissan pre-approval process online.
The requirements are:
- Be 18 years of age or older
- Have a valid Social Security Number
- Be a legal resident of the US
- Have verifiable income and/or employment
- Have an e-mail address
Top 3 benefits of getting pre-approved for a car loan
1. Knowing your budget
By getting pre-approved, you'll have an idea of how much you want to spend up front and your monthly payments before even stepping foot in a dealership. You can also get a better idea of what vehicles are within your budget. Having a benchmark when shopping for and comparing vehicles can help eliminate surprise costs.
2. Spend less time at the dealer
If you are trying to save time, you can submit your credit application for the exact vehicle you are interested in by filling out this online form and taking the first step towards getting pre-approved.
Although lenders have the ability to pre-approve your application, the vehicle purchase or lease will still need to go through the dealer to be finalized.
Although lenders have the ability to pre-approve your application, the vehicle purchase or lease will still need to go through the dealer to be finalized.
3. Potential for a lower interest rate
When you're trying to finance a vehicle, getting tentatively approved by the lender of your choice may help you lock in a lower interest rate on your loan. Dealerships may have offers such as low or 0% APR financing for well qualified buyers. Getting pre-approved can lead to discovering the best offer that fits your needs.
*All material in each article on this webpage are intended for general informational purposes only and was accurate as of the date of first publication. Information is subject to change and does not constitute an offer, representation or warranty (express or implied) by Nissan North America, Inc. ("Company"). Interested parties should confirm the accuracy of any information in this website as it relates to a vehicle directly with Company before relying on it to make a purchase decision. Unless expressly referenced, Company does not endorse and is not affiliated with any company that might be mentioned in any article on this webpage. Company is not responsible or liable for the availability of links to websites or resources, or for any content, advertising, products, services, privacy policies, or other materials on or available through these websites or resources, or for your reliance thereon. Any references to data or products are subject to change without notice. Trademarks are property of their respective owners.
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