It's pretty common for people to buy a car or truck using an auto loan. So, it makes sense that people are interested in getting the right auto financing. 

When seeking an auto loan, people want to:

  • Know that they can get a loan
  • Secure an attractive rate for their auto loan
  • Have auto loan options from sources other than the dealership
  • Have an understanding of what they can afford going into the purchase process

That's why people look to get pre-approved for their auto loans.

Can you get pre-approved for an auto loan?

Here's the short answer: yes. People can be pre-approved for auto loans. However, the process for getting pre-approved for an auto loan won't be the same for everyone, and pre-approval is not guaranteed.

Like all auto loans, results may vary. Some people will get a better interest rate than others, and your interest rate will vary based on several factors, including your credit history (if you have no credit, review this article with a few tips). Whatever the rate, the main benefit of pre-approval is knowing what you can afford as your monthly payment. This allows you to make a more informed decision when buying your car or truck.

When you get pre-approved, your credit union will give you the maximum amount you can spend. Some credit unions, such as Visions, also have a list of auto dealer partners that may be helpful to you as you look for your new vehicle.

Pre-approval for an auto loan really provides several benefits:

  • Establishes your budget
  • Helps you calculate potential monthly payments
  • Allows you to shop in a similar way to a cash buyer
  • Provides solid options outside of dealer financing
  • Simplifies the buying process
  • Helps reduce stress (if buying a car stresses you out)
  • and saves time!

With all of these solid benefits, you may want to explore pre-approval for your auto loan. It may be simpler than you think. 

To discuss a pre-approval from Visions, visit a local branch or call us at 800.242.2120. If you have any questions, we have lending experts available to help you through the process. We're happy to help.
 

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