Tips for Getting Pre-Qualified for a Car Loan

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Even with poor credit.

January 27, 2012

Getting pre-qualified for a car loan before you go into the dealership can save you a ton of time. Securing the money you need can help speed up the car buying process. Here are some tips in securing that loan before you walk in.

  • People who pre-qualify for a loan must have good credit. This is an absolute must. If you have good credit, there will be many options out there for you. If you don't have good credit, you may be forced to take an auto title loan on another one of your cars which is just asking for something wrong to happen. To find out if you pre-qualify, call up your bank or other financing company you use to see if you meet the requirements. 
  • If you don't have good credit, you can seek a sub prime lender. The advantage of this option is that there is no credit check until after you have accepted the approval offer. This process can be simple as there are many online sites who do this, or you can go to your local auto loan broker. 
  • After you have been approved, you will be sent a letter from your lender. However, this is not the final step. From there you must submit an application in which the lender will then check your credit, the information that you provided, and your income. Then they will check your this and if you are approved from there, then you will have the loan.

Getting pre-qualified is a great way to ensure that your vehicle finances are in order before you make it to the dealership.

Related Questions and Answers

What Makes you a Subprime Car Buyer?

Subprime car buyers are normal buyers, but with a special condition. Although banks want to ensure all new car buyers have FICO scores in the 700 range, it is just not happening. As people move out of the job market due to frustration, or work many low-paying jobs to make a living, they just can't keep after their bills as they would with "normal" jobs where it was easy to write a check. In this instance, they become subprime buyers. People still need new cars, and so they turn to secondary and tertiary sources for money. Whether it's the self-financing dealership (you pay every week at the dealership and they will do a repo on you if you blink). Or if you have to turn to the Third National Bank of Kankakee to buy the paper, these are the types of places that are giving car loans. They are granting loans at interest rates approaching 20 percent. A solution is paying on time for a few months and then refinancing with a reputable bank, and you can save huge amounts of money.

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