Behind the Vault

With all the excitement around getting a new ride, it’s easy to be drawn to the dealership to see the vehicles up close and schedule a test drive. However, that can be a mistake when it comes to car-buying.

Dealerships will use every sales tactic to close the deal right then – whether you are ready to buy or not. This scenario can cost you a lot as you agree to financing terms that might not be in your favor.

Before you ever step foot into a dealership to shop or test drive, use one of the most powerful car-buying tools – a pre-approval.

What is an Auto Loan Pre-Approval?

Even though it might be convenient to receive financing for a new car at a dealership, it’s important to know that it’s not your only option. Credit unions often offer lower rates than most dealerships.

A pre-approval begins when you apply for a car loan. Our team reviews your application and will let you know once you’re approved. Once approved, you will receive a pre-approval document. The document informs the dealership that you are pre-approved by the credit union to purchase a vehicle up to a specific amount. When you find a car you like, the dealership will use your pre-approval to complete the purchase, and your financing will be set up through the credit union.

What Makes a Pre-Approval So Beneficial?

A pre-approval can help your car-buying experience to go smoothly, and there won’t be surprises about your loan’s monthly payments.

Here are a few ways that a pre-approval can enhance your car-buying experience:

Easier Budget Management:

• Empower you to navigate your car-buying journey with a clear understanding of your financial boundaries.
• Know the maximum loan amount that you qualify for and set realistic expectations to avoid overspending. You can confidently explore vehicles within your budget.

Enhanced Negotiating Power:

• Your pre-approval is a valuable bargaining chip. Sellers perceive pre-approved buyers as financially capable, since there isn’t a question surrounding your eligibility for loan approval.
• Knowing you have financing locked in allows you to focus on securing the best price for the vehicle without the pressure of arranging funding on the spot at the dealership. Plus, dealers know that they cannot sell you more than your pre-approved amount.

Protection From Costly Add-Ons:

• Once you find the car you want, you’ll be persuaded to buy everything from extended warranties and pre-paid maintenance to ding and rust protection. It can be hard saying no to everything, and dealerships count on this. Your pre-approval can protect you from these expensive add-ons and the headaches this process creates.

A pre-approval can help you secure a better deal on your vehicle, avoid costly add-ons, and streamline the car-buying process. However, just because you visit a dealership armed with a pre-approval doesn’t mean you’re invincible from sales tricks.

Be sure to still research the value of your trade before you visit a dealership. Since your pre-approval adds protection against pricing games an

With all the excitement around getting a new ride, it’s easy to be drawn to the dealership to see the vehicles up close and schedule a test drive. However, that can be a mistake when it comes to car-buying.

Dealerships will use every sales tactic to close the deal right then – whether you are ready to buy or not. This scenario can cost you a lot as you agree to financing terms that might not be in your favor.

Before you ever step foot into a dealership to shop or test drive, use one of the most powerful car-buying tools – a pre-approval.

What is an Auto Loan Pre-Approval?

Even though it might be convenient to receive financing for a new car at a dealership, it’s important to know that it’s not your only option. Credit unions often offer lower rates than most dealerships.

A pre-approval begins when you apply for a car loan. Our team reviews your application and will let you know once you’re approved. Once approved, you will receive a pre-approval document. The document informs the dealership that you are pre-approved by the credit union to purchase a vehicle up to a specific amount. When you find a car you like, the dealership will use your pre-approval to complete the purchase, and your financing will be set up through the credit union.

What Makes a Pre-Approval So Beneficial?

A pre-approval can help your car-buying experience to go smoothly, and there won’t be surprises about your loan’s monthly payments.

Here are a few ways that a pre-approval can enhance your car-buying experience:

Easier Budget Management:

• Empower you to navigate your car-buying journey with a clear understanding of your financial boundaries.
• Know the maximum loan amount that you qualify for and set realistic expectations to avoid overspending. You can confidently explore vehicles within your budget.

Enhanced Negotiating Power:

• Your pre-approval is a valuable bargaining chip. Sellers perceive pre-approved buyers as financially capable, since there isn’t a question surrounding your eligibility for loan approval.
• Knowing you have financing locked in allows you to focus on securing the best price for the vehicle without the pressure of arranging funding on the spot at the dealership. Plus, dealers know that they cannot sell you more than your pre-approved amount.

Protection From Costly Add-Ons:

• Once you find the car you want, you’ll be persuaded to buy everything from extended warranties and pre-paid maintenance to ding and rust protection. It can be hard saying no to everything, and dealerships count on this. Your pre-approval can protect you from these expensive add-ons and the headaches this process creates.

A pre-approval can help you secure a better deal on your vehicle, avoid costly add-ons, and streamline the car-buying process. However, just because you visit a dealership armed with a pre-approval doesn’t mean you’re invincible from sales tricks.

Be sure to still research the value of your trade before you visit a dealership. Since your pre-approval adds protection against pricing games and add-ons, salespeople might try to make up for it by padding your trade-in value in their favor. You could decide to have your trade-in appraised at several dealerships or online before you visit a dealer lot.

We’re Here to Help!

Whether you’re an experienced buyer or a first-time vehicle owner, a pre-approval from Family Trust can help you make informed decisions, negotiate with confidence, and ultimately drive away in the car of your dreams at a price well within your budget.

If you’d like to learn more about our Auto Loan Pre-Approval process and how we can help you get in the car of your dreams, we’re here to help. Apply with our simple online application, or stop by any of our convenient branch locations today.

d add-ons, salespeople might try to make up for it by padding your trade-in value in their favor. You could decide to have your trade-in appraised at several dealerships or online before you visit a dealer lot.

We’re Here to Help!

Whether you’re an experienced buyer or a first-time vehicle owner, a pre-approval from Family Trust can help you make informed decisions, negotiate with confidence, and ultimately drive away in the car of your dreams at a price well within your budget.

If you’d like to learn more about our Auto Loan Pre-Approval process and how we can help you get in the car of your dreams, we’re here to help. Apply with our simple online application, or stop by any of our convenient branch locations today.