It’s pretty exciting to be in the market for a new set of wheels. You’ve got long browsing sessions, test drives and a whole lot of dreaming to do. But before you head to the dealership or scroll too far down the online listing, there’s one simple step that can make the whole process a lot easier: getting pre-approved for your car loan.
Pre-approval doesn’t lock you into anything, but it does give you a clear picture of what you can borrow. That’s the knowledge that puts you in control and lets you shop with confidence.
Here are the 5 biggest benefits of a pre-approval for your car loan. If you’d like to speak with a member of our crew and get some more information, click ‘Apply Now’ or fill out our contact form.
When you apply for a pre-approved car finance, you get a clear borrowing limit based on your income, expenses and borrowing profile. Instead of playing a guessing game, you’ll know exactly how much lenders are willing to offer you.
When you know what you can afford, it’s easier to narrow your search to cars in your actual price range. That’ll help you avoid the potential awkward realisation that the one you’ve set your heart on is too far out of reach.
Nothing shows a seller you’re serious like a pre-approval. With confirmation in hand, you’re effectively a “cash buyer” from their perspective.
That can help you negotiate on price, secure quicker turnarounds and skip the upselling. It shows you’re organised, financially ready and not wasting anyone’s time.
Without pre-approval, the finance process can be a lengthy one. The last thing you want is to be scrambling for documents and ID once you find the right car.
Getting pre-approved means you’ve done all of that in advance. You’ve submitted your basic details and the lender has assessed your application. You’re just waiting for the final green light once the car is chosen!
In most cases, pre-approval is like rocket fuel for your purchase: minimising delays and getting you behind the wheel faster.
Pre-approval gives you peace of mind while you shop – no more wondering whether you’ll qualify or if a lender will come through at the last minute
You’ll be able to research vehicles knowing:
What your repayments might look like
Whether the lender is likely to approve your purchase
That you’ve already cleared the first hurdle
Getting a pre-approval also means you don’t have to rush. You can make informed, thought-out decisions and avoid financial asteroids.
Although it doesn’t guarantee the final loan (the lender still needs to approve the actual car), getting pre-approved is a big head start. You’ll already have your documents submitted and the lender will be ready to move as soon as the vehicle is selected.
When you apply through Loans Unlimited, there’s less chance of a surprises. We’ll only match your application to suitable lenders who are more than likely to approve the car you select. You won’t run into issues like mismatched vehicle types, age restrictions or credit issues.
Getting a pre-approval puts the power in your hands. When you start looking for your new car, you’ll know your budget, boost your confidence and be ready jump into action.
At Loans Unlimited, we make pre-approval fast and hassle-free. You can apply online in a matter of minutes and know that we’ll search across the galaxy to find a fair and reasonable loan.
If you’re ready to get pre-approved, click ‘Apply Now’ or get in touch with a member of our crew.
