Getting a pre-approved car loan will put you in a stronger negotiating position before you start car shopping. Many credit unions, banks, and online lenders can help car shoppers get a pre-approved auto loan, regardless of their credit standing. Aside from an easier shopping experience, getting auto loan pre-approval can get you a better interest rate, give you terrific dealership offers, and get you the car of your dreams sooner. Here are some of the top benefits of pre-approval.
Better Interest Rate
When you’re trying to save money, it is a good idea to shop around. The same can be said for a car loan. Get a few different quotes from various lenders to be sure you are getting the best possible interest rate and loan terms.
Easy Shopping Experience
Your dealership experience will be much simpler when your car loan is already handled. It takes off the stress of trying to discuss financing for the car loan and allows you to focus your time and energy on the price of the vehicle itself.
Great Dealership Experience/Offers
One of the best benefits to getting a pre-approved car loan is you can avoid the sales games from the dealer. Many dealerships try to squeeze the most interest out of a customer when they do not have an auto loan. If you enter the lot with your pre-approval already set, they will have to get straight to the point and talk to you about the car price. Additionally, you can have the confidence of knowing you are already a qualified buyer. It puts the power in your hand so the dealer cannot pressure you to let them dig their hands deeper in your pockets.
Auto dealers have a bad reputation for overcharging customers and giving them a hard time about their credit. Since you never know what kind of salesperson you will be dealing with, having a pre-approval ahead of time improves your ability of negotiating on your new auto’s price. If you walk into the dealership with your auto loan pre-approved, the payment is no longer the dealer’s business. You and your lender have already agreed on a financing plan, so the dealer simply needs to decide of the offer is high enough for them to give you the car.
Easy Back Office Process
When you get your auto loan pre-approved, you can focus on the simplest task: finding the automobile that is right for you. A good tip is to keep your financing details to yourself for a while. Simply tell the dealer you will not need financing, and keep the negotiations focused on the price of the vehicle itself. Some dealers my change the true price of the vehicle if they find out you have a loan elsewhere.
Get Your Pre-Approval at LUSO Federal Credit Union
If you’re looking for a trusted team to get you your pre-approved car loan in Hampden County, LUSO Federal Credit Union has the solutions for you. We are a not-for-profit, member-owned financial team that strives to provide our customers and members with the best financial services and products available. The specialists at LUSO can help you manage your finances by providing expert tips on savings, budgeting, and investments. If you want to manage your income, understand your financial situation, pay off debt, or increase your chances of getting an auto loan, we can help you. Our services and rates are available in Wilbraham and Ludlow, Massachusetts. Contact our Ludlow branch at 1-(844) 587-6328 to learn more about emergency savings or call our Wilbraham branch at 1-(800) 808-5876.