Why You Should Get Pre-Approved Before You Start Shopping
One of the most frustrating vehicle buying experiences is finding your dream vehicle and following all the required steps to purchase it, only to be told that you cannot get approved for the loan.
Of course, we would all love to pay cash for a new vehicle, but in reality, very few of us are in a position to do that, so we need to get a loan or get financing.
So we encourage potential buyers to get pre-approved before getting too deep into their vehicle selection process...
What Does Getting Pre-Approved Really Mean?
A pre-approved auto loan is exactly what it sounds like – a conditional approval provided by a lender with estimated terms.
It means that a lender has already agreed to finance a certain amount, even if you haven’t settled on the vehicle you want to buy yet. The lender will need info about the vehicle you’re buying and the exact amount you intend to borrow before completing the final paperwork.
Lenders can include local banks, credit unions, dealerships, and places like Ford Credit.
How does the process work? You fill out a loan application that enquires about your financial situation and request documents to back up your statements. Be ready to provide info like your employment status, current income, social security number and credit history.
Why Getting Pre-Approved is Better
Removes the Stress of the Unexpected
You’ll know what to expect – the amount of money you can borrow, what the loan term will be and what your loan payments will look like.
This info makes the buying process less stressful. It will help narrow down your choices to a vehicle that’s within your budget and also assist in getting your finances in order.
Shop Without Having to Worry About Being Declined
Shopping for a vehicle should be fun! Once you're pre-approved, you don’t have to worry about being declined or negotiating terms.
How Do Pre-Approvals Work at Northland Ford?
Many people come to us wondering if they have a chance of getting pre-approved if they’re in the process of rebuilding they’re credit. The quick answer is yes… Here’s how to start:
1. Give us a call or use our chat tool below to answer a few quick questions.
2. We get to work on getting you pre-approved, and update you as we go.
3. Once your pre-approved, we’ll narrow down a few vehicles that would be perfect for your lifestyle and financial situation.
4. Drive wherever you want, whenever you want in your brand new vehicle 😊
Here’s what Destiny had to say about the pre-approval
process at Northland Ford:
"Did everything to approve me for the truck. Met every expectation. I'm very satisfied and proud of the process to make it happen. I'm happy!"
Answer the first question below to start the pre-approval process now.