Preapprove Your Way to a Better Car Deal/ January 29th, 2021
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, 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 much car 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 the 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.