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What are the benefits of getting a pre-approval for a new car loan?

I was thinking of getting pre-approved, but I don't want to waste time if it's not worth the effort. What are the advantages of a new car loan pre-approval?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
In most instances, getting
car loan
 pre-approval is a smart move! Some of the major advantages of pre-approval include:
  • Negotiating power/bargaining chip due to the pre-approval amount
  • Knowing your exact budget
  • Getting an idea of how much interest you’d pay and your monthly payments
  • Focusing more on the car you want
With so many advantages, pre-approval is a no-brainer for most candidates. But don’t forget to shop around! By shopping around, you can make sure that you’re always getting the best rate possible for your car loan.
Remember that the car loan is only one expense of many for car owners. You’ll also need to budget for gas, maintenance, and car insurance. Lenders will require your financed vehicle to have full coverage, which can get pricey.
Try using the number-one-rated car insurance app,
Jerry
, to help you save money. 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!
MORE:
Should you get a 72-month car loan?
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