Getting your car loan approved BEFORE you commit to purchasing your vehicle can give you a lot of benefits like:
Locking in your interest rate
Getting a car loan pre-approved will lock in the interest rate for a period of time. This can give you some more certainty if rates are moving.
Knowing how much you can spend
It’s not a great feeling agreeing to purchase a vehicle and then finding you can’t get a loan for the amount you need. That’s why it’s best to get your car loan pre-approved. This will give you the confidence of knowing what your budget is and what you can afford.
Being able to immediately commit
When you find that dream set of wheels you may want to quickly make an offer and seal the deal. If you have your car loan pre-approved you’ll be able to negotiate with confidence knowing your finances are sorted.
Fast settlement
Once you have agreed to purchase your new vehicle having a pre-approved loan will allow you transfer the money and driveaway faster than if you were starting to look for a loan from scratch.
There are some things to be aware of with pre-approved loans. Firstly, the pre-approval is usually valid for a limited time (up to 90 days generally). Secondly, some lenders may not offer pre-approval so it might reduce your options.
We make the process of getting pre-approval fast and easy. Simply complete our application and we’ll go to work checking our panel of up to 35 lenders to find a deal that can save you money.