New Purchase

Securing a loan before purchasing a vehicle has several advantages, and it could be the best financial decision you make this year.

Auto Loans for New Purchases

How it Works

Securing an auto loan before purchasing a vehicle involves several steps to ensure you have the financing ready when you find the car or truck you want to buy. Generally, you would research lenders, apply for pre-approval, receive loan offers, secure your pre-approval letter, shop for your vehicle, finalize the loan, then complete the purchase.

Reasons to Get a Loan Before You Buy

Pros

Better Clarity: knowing your loan amount and interest rate helps set a clear budget for your vehicle purchase.

Better Negotiation: With financing in hand, you have more leverage to negotiate the vehicle’s price.

Interest Rate Comparison: Shopping for a loan beforehand allows you to compare interest rates from different lenders.

Faster Purchase Process: Having financing ready speeds up the purchasing process, as you won’t need to wait for dealer financing approval.

Avoid Dealer Markups: Dealerships sometimes add markups to interest rates. Securing your loan independently can help you avoid these extra costs.

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Reasons to Not Get a Loan Before You Buy

Cons

Getting pre-approved for a loan before you buy is an extra step and takes more time at the beginning of the process.

Have Any Questions?

FAQ’s

Take a look at our FAQs to get answers to commonly asked questions.

How can I calculate my monthly payment?

Click the “Get Started” button and answer a few basic questions to see what your new monthly payment will be. We will give you a call and will help you calculate several loan options.

How long does it take to get a pre-approval letter?

The entire process can take anywhere from a few hours to a few days. The time it takes to complete will depend on your unique situation and the lender selected.

How do I compare lenders to make sure I get the best rate?

This is where we come in. We will help you compare several lenders to make sure you get the loan that works best for your unique situation.

Do I have to buy my car or truck from a dealer?

No, with financing in hand you can purchase the car or truck you want from a dealer or from an independent party.

What are new loan and lender fees?

While our company doesn’t charge any additional fees, many lenders will charge application and processing fees. These fees will be fully disclosed to you so you can decide whether or not a new auto loan is the best choice.

Will there be a hard credit check?

There will only be a soft credit check to get pre-approved. However, there will be a hard credit check once the loan is finalized.