Buying a car not only involves choosing your desired model but determining your budget and how you will pay for it. Receiving preapproval for a car loan can help you determine your financial readiness to buy a car and prepare you to visit the Land Rover finance department at Land Rover Northfield.
What is Car Loan Pre-Approval?
Usually when buying a car, you apply for a loan at the dealership. Using information like your credit history and income, we define the loan’s term length, interest rate, and monthly payment. A pre-approved loan comes from an external borrower and expresses your interest in buying a car.
Benefits of Pre-Approval
You can apply for preapproval from multiple lenders, even doing so online. You may even receive your preapproval documents within 30 minutes. This convenience lets you shop around for a loan, like using online comparison tools for the car itself. When you choose your loan, you can bring its documentation to our dealership, and utilize it to negotiate a better price.
The convenience of online preapproval can even help you make an informed decision on the model of the car you want. An online payment calculator will generate a monthly payment estimate and loan size, including interest. This information can reveal if you can afford your car by adjusting your allotted budget to match your best loan terms.
Preapproval Considerations
A low credit score will worsen your loan quality, and even invalidate your eligibility for loans at all. Preapproval loans also expire after 30 to 60 days and will become out of date if your financial situation changes in that time.
Learn More Land Rover Finance Tips in Northfield, IL
When buying a new or certified pre-owned car, contact Land Rover Northfield to begin the purchasing process. After you’ve been pre-approved online, our expert dealers will help you find the perfect Land Rover to fit your lifestyle. Get started today!