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"Do you need to know what car you are going to buy before getting approved for a car loan? "
"I need to buy a car but it has been years since I last bought a car and I really can’t remember the process. I think I had picked out the car first and let the dealer arrange for financing, but I do remember being shocked at the interest rate. This time around I would like to get my own financing to get a better deal. Do I still need to pick out the car before getting approved for a car loan?"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You do not need to know what car you will be
buying
to get approved for a car loan. This process is called pre-approval. All you need to know is about how much you want to spend on a car. Once you have pre-approval from your bank, you can go to the dealer and negotiate the price of your favorite car. After agreeing on a final price, you simply call your bank and finalize the loan.
View full answer
- Gregory R.
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