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What does being pre-approved mean for a car loan?
I’m in the process of shopping for a new car, and I was looking at how to get a car loan on my bank’s website. It said I could be pre-approved, but I’m not entirely sure what this means. What does being pre-approved mean for a car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Shopping for a new car is exciting, and it’s great you were thinking ahead about getting your
car loan
! Being pre-approved for a car loan means the lender has reviewed your application and credit history and can tell you the loan amount and interest rate you will likely be offered. Knowing you’ve been approved and the loan terms makes setting a budget and shopping much more straightforward.
Additionally, knowing your budget before you shop and will make you less likely to be talked into a more expensive vehicle or purchase add-ons you don’t need.
Getting pre-approved for a car loan has many benefits, and to ensure you’re getting the best offer, you should shop around and compare loan agreements from multiple lenders before signing any official loan contract.
Finally, once you’ve found a vehicle and are getting prepared to sign the loan contract, you’ll also need
proof of insurance
. If you want to find the best
car insurance
policy for your new vehicle, use Jerry
, an insurance comparison app, that shops for low prices with over 50 different insurance companies for free. You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away! The average Jerry driver saves $879 a year on car insurance!View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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