Before shopping for a used car or a classic car at Alexander Automotive, it’s a good idea to know what vehicles will fit into your budget. In addition to utilizing our helpful car auto loan calculator on our website, getting pre-qualified for used car financing can help speed up the process at our finance center. Here are some advantages to getting pre-qualified.
What Does Getting Pre-Qualified Mean?
When researching auto loans, you may discover two similar terms: pre-approval and pre-qualification. Getting pre-approved for a used car loan is more serious than getting pre-qualified and should be done when you’re ready to buy the car. Pre-approval means that a lender has reviewed your credit report and other information to determine a loan amount.
On the other hand, getting pre-qualified is a low-risk way to discover what kinds of loans you can obtain, especially if you’re not sure of your credit score. It requires a soft credit pull, which means you’ll receive a ballpark estimate of the types of rates that you can expect when you apply for financing. However, the rates are not guaranteed.
Advantages of Getting Pre-Qualified
First, getting pre-qualified lets you know if your credit score is good enough to obtain a used car loan. It would be disappointing to visit our dealership and find a used car you love only to be turned down because of your credit scores. Also, it gives you an idea of your used car budget before you even visit our dealership, allowing you to pick out a few models in our inventory that fit your budget.
Get pre-qualified for a used car loan with our friendly finance experts here at Alexander Automotive. We’re happy to walk you through the financing process.
