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The best way to get a great deal on auto financing is to have a pre-approved auto loan long before you head to the dealership. ... loan paperwork beyond a loan application, it is critical to ask ...
800-290-4726 more ways to reach us. Sign in. ... Guthridge suggested considering a pre-approved loan, which can provide peace of mind and strengthen your negotiating position. ... you can navigate ...
In lending, a pre-approval is the pre-qualification for a loan or mortgage of a certain value range. [1]For a general loan a lender, via public or proprietary information, feels that a potential borrower is completely credit-worthy enough for a certain credit product, and approaches the potential customer with a guarantee that should they want that product, they would be guaranteed to get it.
Prequalify (auto-decision) the application and return a quick response to the applicant. Typically this would be approved subject to stipulations, referred to the financial institution, declined (many financial institutions (FIs) shy away from this preferring to refer any application that can't be automatically pre-approved.)
A mortgage preapproval is a letter or written statement specifying your maximum loan amount and the lender’s commitment to fund the loan if your financial situation remains unchanged.
Legally, an indirect “loan” is not technically a loan; when a car buyer obtains financing facilitated by a dealership, the buyer and dealer sign a Retail Installment Sales Contract rather than a loan agreement. The dealer then typically sells or assigns that contract to a bank, credit union, or other financial institution.
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