Getting Pre-Approved: Tips From Hare Chevrolet

Feb 26, 2010

Ever have an Indianapolis Chevrolet dealer ask what you can afford to spend when you’re looking for a new or used Chevrolet? What’s your price range? Many consider what they can afford to pay per month, but don’t look into how much they are qualified to borrow. When you compare Chevrolet Impala dealership sticker prices or lease agreements, do you know what your credit rating is or how it affects the process of getting that next vehicle? Could you borrow a bit more than you realized and adjust your budget or payment terms accordingly?

It’s too easy to assume your credit rating is lower than it actually is, or that a few mistakes in the past might hurt your chances for getting a decent auto loan, but don’t count yourself out without getting pre-approved for a loan amount. Pre-approval means two things. The first is that you’ll know exactly what you can afford to buy based on the line of credit you’re offered. It also means that if you do have a credit issue, you can work out lending terms during the pre-approval process with the Indianapolis Chevrolet dealer and still be considered for a new or used car loan in many cases. Just because you’ve had issues in the past doesn’t necessarily make you a bad risk today. Don’t rule out getting into a reliable car; let the pre-approval process help you determine exactly what your buying power is.