What are Pre-Approved Car Loans?
The best way to go about organizing your car finance is to think hard before you actually start looking for a car. For people who don't know exactly what model they want or want to work out exactly what their finance structure’s going to be prior to committing to buying a car, they will approach a broker to get a pre-approval done. The broker will check off their income, their ID verification and anything else that needs to be done. They will then let them know how much they can borrow, what the applicable rate is and any fees payable. From there, the customer’s in a much better position to go out shopping, knowing exactly what their finance structure is going to be, exactly and what the repayments are going to be. It actually puts them in better stead as well, as far as negotiating goes.
If you've got money already approved ready to go, it puts you in a better position in terms of negotiating a better price on the car. Be it with a private seller or a dealership, if you know the money is there ready to go as soon as you find the right car, you will have peace of mind as well, knowing that you are eligible for finance and you can borrow that amount.
IN THIS VIDEO: Senior Asset Finance Broker Francis Valente explains how a broker can help get a pre-approval done.
Get assistance with a pre-approved car loan. We’ll help you get a new car as quickly and painlessly as possible. Our car finance brokers will work hard to find you the best deal. Visit our website to get started.