Why Pre-approved Financing Gives You An Edge: Know How To Bargain

When you are in college you are bombarded with letters from credit card companies offering you “pre-approved” credit cards. Build your credit, people advise. But what they don’t tell you is how tempting credit can be.

1152824 money Why Pre approved Financing Gives You An Edge: Know How To BargainSo after you experiment with one or two cards in college, you start tossing out the letters you get in the mail offering you more credit. However, pre-approval can be a good thing – especially if you are shopping for a car.

• When you are pre-approved for a car loan you know how much you can afford and what the terms are
• You do not have to sacrifice dealer rebates because your loan is pre-approved.
• You know how much you qualify for before you begin.
• You can avoid a large down payment.
• You deal with money first then find the car. Usually it happens in reverse.

How do you get pre-approved? First, you need to know your credit history. The terms of car loans will vary depending on your credit. However, once you complete an application you will have a better idea of what you are approved for. It really is a wise way to shop for cars. More people should start doing it this way.

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