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Should I get pre-approval before going to a car dealer?
I want to finance a car, but I'm not sure how I should go about it. Is there any advantage to getting pre-approval before going to the dealer?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You could get pre-approval before heading to the car dealership, but don’t think of it as a requirement. If you’re on the fence about how much to spend or what your monthly payments or interest rate might be, pre-approval offers some great insight into what your
car loan
might look like.The main advantages of getting pre-approved include:
- Ability to budget and stay within financial means
- Use of pre-approval as a bargaining chip for price negotiations
- Avoid high-pressure sales tactics, as you already know the max amount you can spend no matter what
Pre-approval also has some drawbacks:
- Only lasts for 30 to 60 days
- Damages credit, especially if you let the pre-approval period lapse
- Can’t spend more than the pre-approved amount
Remember that when you finance a vehicle, the lender will require full coverage car insurance. Try using the number-one-rated car insurance app,
Jerry
, to help you find the best rates. Jerry compares personalized rates from more than 50 top providers and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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