It can be beneficial to get preapproved for a car loan before shopping for a new car. Getting preapproved for a car loan means you’ll know what size loan you’re qualified for, what kind of rate you’ll pay, and it shows car sales staff that you’re a serious buyer.
Before you set foot on the car lot, get preapproved for an auto loan at your credit union. Getting preapproved for a car loan means you’ll know what size loan you’re qualified for, and what kind of rate you’ll pay, and it shows car sales staff that you’re a serious buyer.
If you have questions about how many cars you can afford, or how financing works, a credit union loan officer will be happy to help.
To apply for preapproval, you’ll need to show:
- Name and address
- Social Security number
- Driver’s license number
- Employer information (name, hire date, gross income)
- Current housing information—monthly payment, time in current residence
- Debt obligations—current credit card debt, home association dues, auto insurance
You may also be asked to list a reference or provide other information.
Once you’re preapproved, you’ll receive a preapproval letter that you can take car shopping showing the amount you’re approved for.
Getting preapproved gives you a big advantage in the sales lot. It removes the pressure of negotiating financing contracts at the dealership and allows you to focus your attention on finding the right vehicle at a price you can comfortably afford. And, if you need another incentive, our low auto loan rates can get you on a faster track toward making your dream car a reality.
