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Do I Need To Accept A Car Loan Offer In Dunnville?

Do I Need To Accept A Car Loan Offer In Dunnville?

Today’s blog post answered a customer query our Dunnville auto loan team was presented with the other day. It wasn’t a question we hear often so thought it worthy of a post. The question was 'Do I need to accept a car loan offer?"

The short answer is no, you do not need to accept a car loan offer.


Accepting Dunnville auto loan offers


An auto loan offer is just that, an offer. It isn’t legally binding and you’re not obligated to take that loan if you don’t want to.


The vast majority of applicants will take the loan because that’s why they applied in the first place, but the choice is entirely yours.


It’s the same for auto loan preapproval. It’s just a quote and not a firm loan offer. You are not obligated to use the lender you get preapproved with.


There are a couple of things to consider though.


Only apply for the auto loan you want


The auto loan application is the final stage in the process. It should not be part of the process.


That means you should research the market, get prequalified however you like and prepare your loan application. But you should only make an actual application once you have researched the market, checked the competition and have settled on a lender and/or a rate you’re happy with.


Every Dunnville auto loan application you make uses a hard inquiry. This stays on your credit report for at least 2 years. Too many hard inquiries in a short amount of time and lenders become suspicious as to why.


That’s why we recommend only applying for the loan you actually want.


Every hard inquiry on your credit report will ding it a little too. Your score will only be reduced by a few points, but multiplied over every application and it could mount up.


Plus, some lenders include a non-refundable application fee as part of the process. You won’t get that fee back if you don’t go through with the loan. Lenders with application fees have to make them clear before you apply, so watch out for those!


Check the market before you apply


The Dunnville auto loan market is incredibly competitive. There are hundreds of lenders out there all wanting your custom. The rates you’ll find will vary a lot, as will the terms and conditions.


That’s why we say applying for the loan is the very last step, not part of the process. That process will involve assessing the various lenders, interest rates, terms and condition to see which is best.


You can do this yourself with due diligence and lots of research online. Or you could work with our Dunnville auto loan team who can do the hard work for you.


We only work with reputable lenders who offer the best rates. We are also experts at deciphering legalese and financial terms!


We will use all our skill and experience to deliver the lowest possible Dunnville 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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