Is Auto Loan Pre-Approval a Good Idea When Buying a Car?
If you're car shopping, you may have been told that you should get pre-approved for a car loan before heading to the dealership. Is this really a good idea?
There are some benefits to getting pre-approved for a loan before shopping for a car. For one thing, it can give you an idea of how much money you'll be able to borrow and what kind of interest rate you can expect. This can help you narrow down your choices to vehicles that fit both your budget and your needs.
Getting pre-approved can also save you time at the dealership. If you already know how much money you're approved for, you won't need to spend time haggling over financing with the salesperson. And if they try to pressure you into accepting a higher interest rate, you can simply tell them that your lender has already given you a better deal.
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