Can I apply for a car loan if I don't know what car I want?

"I'm shopping for a car, but I don't know which one I want. Can I still get approved for a car loan without knowing the model?"

Answer
“You can certainly go to your bank or credit union to get pre-approval for your car loan.
Using your income, debt-to-income ratio, credit score, and other factors, the lender will determine the highest amount of money you’re approved for.
Don’t make the mistake of thinking you should spend every dime of this pre-approval. And don’t let the dealer know how much you’ve been approved for.
Just use this amount to guide you toward a car and work out your budget.”
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Eric Schad
Answered on Jul 27, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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