How to choose between a Pre-Approved and Pre-Qualified Car Loan?
Applying for a pre-approved car loan is an excellent way to ensure your finances are sorted before starting your buying journey. It meets your budget and allows negotiation once you enter the dealership. Pre-approved loans are very common, especially in the car financing industry. But there is also something else called a pre-qualified car loan. You may have received phone calls and emails from lenders, banks, and credit unions congratulating you on pre-qualifying for a car loan. Does it mean the same as a pre-approved car loan? Will you receive a check in the mail once you pre-qualify for a loan? Look Minutely to understand Correctly! A pre-qualified car loan is when a lender estimates how much they can lend you. They may arrive at the number depending on the information about your financial condition. It means the lender has deemed you worthy of a loan. Thus, it manifests your eligibility for a loan, and the approval process might take some time. Additionally, you may have to apply