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What are the steps to get preapproved for a car loan?

I've been eyeing a few cars because some dealers in my area have some great deals. My mom told me I should get preapproved before shopping. What are the steps for preapproval?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting preapproved for a
car loan
 lets you know how much you can spend on your car, as well as what you can expect to pay per month or in interest. That’s why it’s so important to get a preapproval.
The good news is that preapproval is a straightforward process:
  • Check your credit report to see your credit score and take care of any delinquent accounts or pay the debt
  • Shop around to find the best interest rates
That’s pretty much it. Getting a preapproval is a good idea because it allows you to stick to a budget, simplify negotiations with the dealer, save time and hassle, and compare interest rates.
Don’t forget you’ll need full-coverage car insurance along with your car loan. Use the
Jerry
 app to compare rates and find the coverage you need at the best price.
MORE:
11 car insurance hacks to save you money
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