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Can I apply for a car loan if I don't know what car I want?
"I'm shopping for a car, but I don't know which one I want. Can I still get approved for a car loan without knowing the model?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You can certainly go to your bank or credit union to get pre-approval for your car loan.
Using your income, debt-to-income ratio, credit score, and other factors, the lender will determine the highest amount of money you’re approved for.
Don’t make the mistake of thinking you should spend every dime of this pre-approval. And don’t let the dealer know how much you’ve been approved for.
Just use this amount to guide you toward a car and work out your budget.”
View full answer
- Gregory R.
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