The average person begins the conventional loan process by visiting a dealership. They sit and, after exchanging pleasantries with the salesperson, get into the negotiations. There comes the moment when the dealership looks for financing for your loan.
This may come after looking at a few vehicles, or beforehand so that everyone has an idea of what type of vehicle you should be looking at. However, at some point, the salesperson goes to the back office to check on your car financing. You expect them to return with good news. At this point, most people have not even thought of a car loan pre-approval.
Unfortunately, many a person has sat there ready to go and discovered they were not eligible for the financing they need for their dream car. That is demoralizing and depressing. Or the dealer shows them ridiculously high loan payments that will put their budget at risk of being in the red each month.
A pre-approved car loan eliminates this disappointment. With a pre-approved auto loan, you know where you stand financially before you shop.
Subprime auto loans give people freedom and flexibility to choose a car loan even though you have a low credit score. You are less likely to be distracted by the cars at the dealer and possible ownership before you try to qualify for that amount. You will know what you have to spend, and there will be no question whether you can afford it or not or if the dealer may be able to do better. You can even get pre-approved for low-income car loans if you earn $1,500 or better.
Pre-Approved Auto Loan Online
If you apply with Valley Auto Loans first, you can locate the best auto loan lenders, for your personal credit status. You get the convenience of personal loans but don’t get the high-interest rate that comes with personal loans.
If you know your qualified APR, and you have your down payment information, you can use a car payment calculator to estimate your loan payments before you apply. Many times you can come out better if you know your car payoff calculator information before you shop for your car or an auto loan. The calculator lets you adjust your down payment amount and loan terms to see what the estimated monthly payments will be.
Only you will have the results and know the facts of your auto loan pre approval offer. The car dealer will not need to ask you personal information to approve a loan for you.
Valley Auto Loans has a network of lenders throughout the industry. Through their resources, they will find a lender at incredibly reasonable rates. In fact, Valley Auto Loans, by providing competitive auto loan pre-approval quotes, is an excellent option for people with less than stellar credit or no credit at all. By submitting the credit application, you can obtain a pre-approved car loan. If you know your credit score, you can use an auto loan calculator to get an estimate of what your payments may be before you apply.
Prequalify For Auto Loan Process
Once Valley Auto Loans has your pertinent information, they will review your loan needs with their lenders to see what financing options are best for you. After this process, you will be contacted by the lender, then pre-qualified for a loan. With a pre-approved amount you now are ready to hit the dealership and work out vehicle options with secure financing. Getting a pre-approval car loan puts money in your pocket to go shopping with.
Pre-Approved Car Loan In Hand
Pre-qualification for a sub-prime auto loan puts you in the most advantageous position. You are not obligated to use any lender that has pre-approved a loan or spend the total amount allowed.
When you walk into a dealership pre-qualified, those dealers want your business before you decide to cross the street and go to the competition. With a lender and loan in your back pocket, you and the dealer know what your budget is, which certainly makes shopping easier. Also, you will already have a very clear idea of what your monthly payments will be. Plus, you have now negated the loan process with the dealership that might not have gone your way.
When Negotiating With The Dealer
Negotiation is a vital part of buying a car. Unfortunately, when you do not have a car loan pre-approval, it is the dealer that has the upper hand. They have what you want and will use that against you. However, when you have a lender on your side, a quick approval helps consumers see what their options are.
It will also be easier to decide what extras you can afford without being pressured by excited dealers. They will not be able to push stuff on you to increase their profit line. In fact, they will be incredibly accommodating to your thoughts and desires. Like we said, they do not want you to take your pre-qualified auto loan to the competition.
Use caution, however. Some dealers may try to talk you into using their financing just to talk you into a higher selling price to increase their commission. They will not tell you about your application and financing fees until after they add them to the loan. Stick to your pre-approved amount, so you will not be a victim of a dealer that upsells you a higher priced model.
Auto Loan Pre Approval Lenders
Valley Auto Loans is a leader in financial services. They have a simple approval process that gives them an edge. They have a thorough comprehension of the market and the obstacles a consumer can face. They’ve streamlined the application and approval process so that it is fast and efficient with compassionate lenders. This can save the borrower from public disappointment of being rejected at the dealership. All the loans we offer are from lenders who can help you rebuild your low credit score.