Pre Approved Auto Loan

Why & Where
to Get Your Loan to
Buy Like A Cash Buyer

Get a pre approved auto loan...
The 2nd of 11 essential steps in the car buying guide

Arranging your own financing can and, more than likely, will save you thousands! Car dealerships can profit Big Time when you allow them to arrange financing for you.

Most consumers do not realize just how big a profit center the Finance Office is for a car dealership.

Below I'd like to show you 3 major reasons to get pre approved and a little further down, some places to get your approval.

3 Reasons To Get A
Pre Approved Auto Loan

1) You Eliminate Any Rate Mark Up

What this means is if a dealer were able to get a 5.9% buy rate from a lender, the lender will, on average, allow a two point markup.

This means the dealership could sell the loan to you at 7.9%, and over the term of the loan this could equate to hundreds, or even thousands of dollars in profits that you paid unnecessarily to the dealer.

2) Allows You To "Buy Like a Cash Buyer"

Buying like a cash buyer greatly increases the leverage you have when negotiating the best possible deal.

I recently observed the last 60 deals at my dealership, and found that cash buyers paid over $2500 less per car deal, compared to those that financed.

If that's not a call to action, I don't know what is!

When you are able to "Buy Like a Cash Buyer" you don't have to worry about negotiating monthly payments, but you can instead focus on the Out The Door Amount.

This powerful method of negotiating is usually why these customers have the cash to pay for vehicles. They focus on the bottom line figures and not monthly payments.

3) Make The Dealer Compete For Your Financing

Yes, I know I just gave you some pretty convincing reasons to secure your own auto loan, but if you're approved from your source for 6.9% and the dealer can offer 5.9%, take the 5.9%.

Who cares if they are making a small profit, they just saved you a bunch of money. Better yet, you just saved yourself a bunch of money, because you forced the dealer to give you their most competitive rates.

This was all due to you doing the smart thing and getting a pre approved auto loan.

Where To Get Your
Pre Approved Auto Loan

If you have average to excellent credit:

  • A local credit union
  • Your local bank
  • My Auto Loan "Your Loan Your Way"
    (Currently offering some excellent rates)

If you have poor credit:

  • Funding Way (Division of Auto Credit Express "very big")

My Auto Loan
My Auto Loan is one of the largest online providers of auto loans. They work with some of the nations top auto lenders and have negotiated some very good rates. They are definitely worth checking out as some of the rates they advertise are lower than the rates the lenders advertise on their own sites.

They will match you with lenders that match your credit criteria, which saves you time and eliminates the hassle. You simply fill out one easy loan application and you'll receive up to four competing quotes. Apply for an Auto Loan Now

Bad Credit
If you have bad credit, then you will more than likely need to work directly with a special finance loan specialist.

These special finance loan specialists either work for the dealership, or in close connection with them. This is necessary in order to simplify the car buying process for you and they will help you with selecting a car that works for both you and the lender.

Simply fill out any one of these easy and secure special finance auto loan applications and a specialist in your local area will be in touch with you shortly to discuss the details of your new auto loan...Apply Here: Bad Credit Car Loans!

Now that you've got your pre approved auto loan...
What would you like to do next?

< Go Back To Step 1
Credit Report FICO Score
|Move On To Step 3 >
Car Dealer Insurance

Or you can...

Review the Car Buying Guide table of contents by returning from -
Pre Approved Auto Loan to the Car Buying Guide

Return to Insider Car Buying Tips home

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