When you are ready to buy a vehicle, you may not be eager to jump directly into the confusing world of dealing with auto dealerships. Walking in with a pre-approved auto loan can be your best ally when negotiating. If the dealerships are offering incentives right and left, are there really advantages to getting pre-approved for an auto loan? Actually, there are quite a few advantages, and they begin with an easy online application process that continue through the actual purchase.
Apply at Your Leisure
When you are at home completing the online application, the pressure is off. You can apply when you want and where you want, and the process is complete. InTouch Credit Union offers an easy-to-use, online vehicle loan application that makes the process easy and manageable. You get the answer you are looking for without the hassle of going out of your way to make appointments.
Have a Clear Budget to Work With
When shopping for big-ticket items, one of the most important things to know is what your boundaries are. If you walk into a dealership with a pre-approved auto loan in hand, you already have a good picture of how an auto loan will affect your budget. Most importantly, it takes the wheeler-dealer’s favorite question, “How much do you want to pay each month?” off the table.
If they can sell you on a smaller monthly amount over a very long term, what do you get? A long loan term, which means paying a lot more interest on that loan, and, during that period, the amount you pay may eventually become greater than the resale value of the vehicle (the “gap” in gap insurance, and also the definition of a loan being “underwater”). When you know what your financing looks like upfront, you can better analyze how an offer benefits you.
When you are ready to buy a vehicle, you may not be eager to jump directly into the confusing world of dealing with auto dealerships. Walking in with a pre-approved auto loan can be your best ally when negotiating. If the dealerships are offering incentives right and left, are there really advantages to getting pre-approved for an auto loan? Actually, there are quite a few advantages, and they begin with an easy online application process that continue through the actual purchase.
Apply at Your Leisure
When you are at home completing the online application, the pressure is off. You can apply when you want and where you want, and the process is complete. InTouch Credit Union offers an easy-to-use, online vehicle loan application that makes the process easy and manageable. You get the answer you are looking for without the hassle of going out of your way to make appointments.
Have a Clear Budget to Work With
When shopping for big-ticket items, one of the most important things to know is what your boundaries are. If you walk into a dealership with a pre-approved auto loan in hand, you already have a good picture of how an auto loan will affect your budget. Most importantly, it takes the wheeler-dealer’s favorite question, “How much do you want to pay each month?” off the table.
If they can sell you on a smaller monthly amount over a very long term, what do you get? A long loan term, which means paying a lot more interest on that loan, and, during that period, the amount you pay may eventually become greater than the resale value of the vehicle (the “gap” in gap insurance, and also the definition of a loan being “underwater”). When you know what your financing looks like upfront, you can better analyze how an offer benefits you.
