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Auto financing: Prequalification vs. preapproval Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive financial calculators and tools that provide objective and original content, by enabling users to conduct research and compare data for free and help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies who pay us. This compensation may impact how and where products appear on the site, such as for instance, the sequence in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other home lending products. However, this compensation will affect the content we publish or the reviews that you see on this site. We do not contain the vast array of companies or financial offerings that could be open to you.
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3 minutes read. Published November 02, 2022
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The prequalification process and the preapproval procedure are different methods of getting an initial review of your options when it comes to financing for your vehicle. Prequalification is not as rigorous and only requires sharing some basic information regarding your financial situation and gives you an estimate of the rates and terms you might qualify for. Preapproval requires sharing more personal and financial information with a creditor, as it is essentially an incomplete application. The distinction between prequalification and preapproval A is that it is a formal invitation from a lender, with conditions, and is an estimate of the you could be able to get in terms of car loan terms you could be eligible for. Because a prequalification is not firm, it’s not much to use when trying to negotiate with an auto dealership. But whether you opt for a car loan either prequalification, or preapproval neither of them are guaranteed offers- final approval will depend on the lender’s underwriting department making sure there are no surprise in your complete credit history , as well as other aspects, like employment and income verification. Advantages of auto loan the preapproval and prequalification let you get an accurate idea of how much money you are able to get, as well as the cost you will pay to borrow it. Benefits of preapproval With preapproval allows you to shop with confidence knowing that you will most likely receive the exact or similar interest rate. You could also use your preapproval rate as an indication to the dealership when you go to the finance office, and put pressure on them to beat that rate. Benefits of prequalification a low-risk method to determine the type of loan you might qualify for particularly if you’re not yet ready to shop in earnest. Credit scores aren’t affected since the lender does not run a strict credit check. What to keep in mind with prequalification for auto loan prequalification and preapproval If you are prequalified in the event of a preapproval for an auto loan you will receive a rough estimate of what loan amount and interest rate you’ll be offered. Then, you can use this information to compare prices to find the best rate and keep in mind that prequalification does not constitute an actual offer. Rates cannot be guaranteed and their value is contingent on how precise the information you provide is. Preapprovals also aren’t guaranteed. If your income, employment or credit drastically change between when you are preapproved and when you fully apply, you could be denied the loan. Remember this when shopping and be cautious when you spend money — particularly with credit cards. How to be preapproved for the car loan If you decide that is right for you, you’ll be required to gather all the documents and submit an application for preapproval. It is recommended that you look into reputable lenders prior to making an application. Once you have been preapproved by a lender, you’ll have a clear idea of the amount you are able to spend and will be in control when it comes time to negotiate. Preapproved auto loans are usually valid for 30 to 60 days. If you’re in the preapproval phase you have a few actions you can take. Check your application for mistakes, increase the amount of your down payment, decrease the total amount of debt you have or consider a different lender. Before trying with a different lender but, do be sure to discuss the reasons for the denial with the lender you made an application to. Details you will need to prequalify or be preapproved Preapproval and prequalification both require some of the same information. Make sure you provide the following information personal information such as your name, address , and phone number. Financial information, which includes your income and housing payment. Information regarding the loan, including how much you’re looking to take out. Preapproval is likely to require you to submit more information, including the Social Security number and birthdate to ensure that the lender can pull your full credit report. This is known as hard credit pull and can temporarily reduce your credit score by some points. The bottom line is that prequalification and preapproval are both useful tools for knowing how much you could pay for the auto loan. Preapproval could even allow you to get a better rate at the dealership if you’re contemplating financing with it. However, the deals can’t be guaranteed, so choose wisely while you’re shopping. Learn more
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Written by
The article was created with the help of automation technology, and then checked for accuracy and editing by an editor on our editorial team.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances with clear, well-researched data that breaks otherwise complicated subjects into digestible pieces.
Auto loans editor
Reviewed by Mark Kantrowtziz Reviewed by Nationally known student financial aid expert
Mark Kantrowitz is an expert on student financial aid The FAFSA as well as scholarships, 529 plans as well as tax benefits for education and student loans.
Nationally recognized student financial aid expert
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