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The Benefits of Car Loan Prequalification in Ancaster

The Benefits of Car Loan Prequalification in Ancaster

If you’re planning to buy a new car with an auto loan, knowing what you can afford and what loan you’re likely to be approved for can be a big help. That’s what car loan prequalification can do for you.


We asked out Ancaster auto loans team to discuss how prequalification can help and outline some reasons to do it. This is what they came up with.


Car loan prequalification in Ancaster


Auto loan prequalification is a bit like preapproval but doesn’t involve a hard inquiry on your credit report.


Rather than a quotation for a loan, it’s a guide as to whether you could qualify for the loan or not given the information you provide. It asks fewer questions than auto loan preapproval but it also requires less personal information.


Know your budget


One key benefit of prequalification is that it’s a way to assess your budget. It will give you an idea of how much you could borrow and what the monthly payments might be.


It may also give you an idea of the kind of rate you’ll pay too.


All combine to give you a much more informed idea of how much you could afford to borrow and how much you could afford to spend on the car.


Budgeting is a key part of buying a car. We recommend setting the budget before you go car shopping or begin researching. This helps you make decisions based on your budget rather than force you to try to make your budget fit the car you want to buy.


Anyone who has bought cars before knows just how important that distinction is!


Confident purchaser


Not everyone is comfortable spending a large amount of cash on a single item. Auto loan prequalification can help.


It takes the guesswork out of knowing how much you could afford and removes the surprise of not being able to borrow as much as you might have thought.


It can also help reduce the anxiety of wasting people’s time if you go through the process only to be refused a loan at the end.


Qualified buyer


As a qualified buyer, you know you could very probably qualify for a given loan at a given amount.


This makes you a qualified buyer. Someone who is more committed than a general shopper and who knows they are able to purchase should they want to.


Some dealerships will treat qualified buyers better than general shoppers as they know there is a clear path to purchase. We aren’t like that though. We treat everyone like family!


Getting prequalified for an auto loan takes just a few minutes, doesn’t ask personal questions and can help you through the car buying process. Contact our team to learn more.


We will use all our skill and experience to deliver the lowest possible Ancaster auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.


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Categories: Auto Loan

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