Make it Easy! Get Pre-Approved Before Shopping for a Car
Getting pre-approved for a loan before car shopping is always a great idea.
Here's why it works so well:
Competitive Credit Union Rates
Dealers have access to dozens of financial institutions. When you come in with your credit union pre-approval, you make the financing process easier with the strength of your credit union.
Shop for a Car from the Comfort of Your Home
Most shoppers start the car shopping experience unsure of what vehicle to buy but have a rough idea as to how much they want to spend per month. Nymeo’s Auto Buying Service is a great place to start. Simply use the slider tool to select your desired monthly payment and search available inventory at local dealerships based on that amount! Check it out!
Helps With Budgeting
Getting preapproved for an auto loan helps you set a budget for your purchase since you know upfront how much you can borrow (or want to borrow) and the interest rate. Don’t forget that generally you will need to add on 10% to the price of the car for taxes and fees. Also, keep in mind other expenses such as gas and insurance.
There is no need to calculate in your head! You can utilize an online calculator, such as the one Nymeo provides.
Keep in mind that any loan approval is an up-to amount for what you can finance. The vehicle must meet the lender's requirements for age, mileage, and loan-to-value ratio.
Getting Pre-approved Serves as a Powerful Negotiation Tool
Setting up financing first shows the car salesperson that you’ve thought through the process. You’ll have more control to get the deal you deserve.
Category: Buying a Car