Usually, a person seeks
a car loan preapproval before he / she knows which car he / she wants to
Not exact matches
Most people seek
preapprovals before they know which
cars they would like to purchase because you can take a
preapproval for a
car loan to a seller as proof of your ability to obtain financing and even use it as a bargaining chip when negotiating your purchase.
Car loan shoppers are sometimes confused by the terms prequalification,
preapproval, and approval.
Obtain
preapproval: Before going to a
car dealership, receive
preapproval for an auto
loan from a credit union, bank, or online lender.