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Why is getting a preapproval for a car loan the best way to negotiate with a dealer?
I've heard that getting preapproval through a bank or credit union is the best way to negotiate with a dealer. Is this true? Why?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Yes, getting a preapproval through a lender for a
new car
is almost always the best way to negotiate with a dealer. With a preapproval, you know exactly how much you can spend on a new car. You can also use your preapproval to negotiate the car’s price with the
dealer
. If you decide to get financing through the dealer, it can also help you negotiate a better deal.
Also keep in mind the cost of insurance for a new vehicle. Most dealers and lenders will require full coverage on a financed car.
Use the free
Jerry
app to find the best deal. Jerry compares rates from the top 50 companies and delivers the best deals to your phone in minutes.”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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