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Should you always get car loan pre-approval before shopping for a car loan?
"I'm a prospective first-time car buyer. I've read that you should always get pre-approval before you shop for a car.
Is pre-approval necessary before I start shopping?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Yes, you should always get pre-approval before shopping for a car for numerous reasons.
First of all, you can get a concrete number that serves as your budget for buying the car. Second, you can get an idea of what your monthly payments, and interest rate, will be. Finally, you can use your pre-approval letter as a negotiating tool to see if the dealer, or another lender, can beat it.
Add all of these up, and you can see getting pre-approval is advantageous.”
View full answer
- Gregory R.
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