Get Pre-Approved
Should I Apply for a Pre-Approved Car Loan?
Yes! Here at Five Star Ford Stone Mountain, you can take advantage of our Get Pre-Approved Portal.
What Is a Pre-Approved Car Loan?
You can get a pre-approved car loan before buying your next vehicle . It lets you know how much you can borrow, your interest rate, and how much your monthly payments could cost. With a standard auto loan application, you’ll learn this information after you choose a vehicle.
It’s dependent on the lender, as to whether you qualify for a pre-approved car loan or not. Some lenders require a minimum income and some may require a credit score range. Get your Pre-Approval today to see what options you have with Five Star Ford Stone Mountain.
If you have trouble getting pre-approval, you can boost your credit score by paying off debts. You can also reduce the amount you need to borrow by increasing your savings. Asking a friend or relative to cosign your loan is often helpful as well. Pre-approvals typically expire after 30 to 60 days
The Benefits of Getting Pre-Approved
Getting pre-approved can give you a more accurate idea of your budget and the vehicles you can afford. It also shows the seller that you can pay in cash, which could help you negotiate a better price. Pre-approval saves time by letting you skip loan applications, loads of paperwork and it reduces the chance of a loan rejection. It also makes the buying process easier, improving your confidence and satisfaction. Compare multiple loans to find the best rate
Five Star Ford Stone Mountain’s Get Pre-Approved Portal
Five Star Ford Stone Mountain’s Get Pre-Approved Portal makes applying for financing easy. The user-friendly interface lets you apply from anywhere and learn how much you can borrow quickly. You’ll need to give some personal information, such as your address and annual income, but it will stay confidential and secure. Here are some reviews from satisfied customers who experienced the portal:
Very professional and feel welcome to do business. I was glad to get a good deal and rates on financing.
The finance team was so helpful and made sure I was covered for all of my warranty needs as well. Thank you David Slen! We love our new car!
The finishing touch was the finance officer Mr. Johnson, who was the best I have dealt with ever. It would be to your benefit to visit this dealer.
Advantages of Auto Financing and Loans
You can make the term of your auto loan as long as needed to keep your monthly payments affordable. Auto financing also helps build your credit. By paying the balance of your loan on time, you can show potential creditors that you’re a responsible borrower. Most auto loans are secured, and the lender can repossess your vehicle if you don’t make payments on time. Unsecured loans don’t require collateral, but they often have higher interest rates and shorter terms.
With a simple interest loan, the bank calculates interest payments based on the balance. This means you can save money by paying off your loan early. With a precomputed interest loan, the amount of interest for each payment doesn’t change, and you may not save by going ahead of the schedule.
Real-Life Scenarios Where Pre-Approval Makes a Difference
When you’re pre-approved, the dealer knows that you can send them the money for the vehicle you want immediately. This increases your negotiating power and helps you find a car with more features. A loan pre-approval can also help you understand how much you can afford. Lastly, a pre-approval can make the vehicle finance process faster when you do find the car you want.