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How to Get Pre-Approved For a Car Loan

How to Get Pre-Approved For a Car Loan

Today we’re focusing on getting that prequalification. Specifically, online car loan preapproval.


You can buy cars online. You can use a car loan for online car buying. We're going to show you how to get pre-approved for a car loan in Canada and cover few good reasons why it can be a great idea!

How to Get Pre-Approved For a Car Loan


Applying for car loan pre-approval online is very simple. All you need to do is enter your personal details (which you'll see at the bottom of this page), answer a few questions on income, employment and finance and you’re good to go.


On average, pre-approval forms take less than five minutes to complete if you have your details to hand. Some online forms give you an instant answer while others will contact you via email or phone.


Benefits of Pre-Approved Car Loans in Canada


It sets the tone of your car search: Car loan prequalification means you know how much you’re likely to have to spend and have a strong likelihood of being accepted for the car loan you pre-qualify for. Nothing is guaranteed of course but as long as your application is accurate, you stand a very good chance of acceptance.


This sets the scene nicely as a qualified buyer and for knowing exactly what car you can afford and which you cannot.


It's Very Convenient: Don’t have time to visit the dealership? Don’t want to discuss your finances over the phone? No problem!


Complete the simple online form as accurately as possible and we’ll take care of the rest. You can also get pre-approved over the phone but if you don’t have the time to do it, online works well.


It doesn't impact your credit score: Getting preapproval for a car loan doesn’t impact your credit score. Completing the form and submitting it means we perform a soft inquiry on your credit report.


This isn’t visible to everyone and does not impact your credit score.


It’s only when you apply for the car loan for real that a hard inquiry is made. That’s the one that impacts your score and will be visible to everyone. Soft inquiries are not.


You can shop around: Looking for car loans online means you can shop around for the lowest rate. Once you find it you can get pre-approved and move the process forward. All without having to discuss anything with sales people or financial advisers.


We are confident that we offer some of the lowest car loan rates so recommend you shop around before applying with us. Speak to one of our friendly team today with the link below, and find your perfect car at a great rate!


Now that you know how & why to get pre-approved for a car loan in Southern Ontario, we'd love to help with that! simply fill in the form below to get started.


Car Loan Pre-Approval

    Finance Application

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    Categories: Auto Loan