Anonymous
Anonymous asked in Business & FinanceCredit · 1 decade ago

what does pre-approved for an auto-loan mean?

I applied online with my bank for an autoloan for a used vehicle. about 30 minutes later it said i was pre-approved for an autoloan and gave me the terms etc. it said that i would recieve the pre-approve agreement via mail in a couple days. does this mean the loan is as good as gotten? i'm confused about it.

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  • 1 decade ago
    Best Answer

    Auto are the loan that is given with highest level of verification. There is a something called preapproved auto loan. In this kind of loan, the lenders will be ready to give loans instantly on getting some formal documents from the customers. The preset documents once given to the lender, customers will get the loan without much processing work. These kind of loans are often given in internet. There are lot of online websites who give preapproved auto loan for customers.

    I hope http://loan-guides.net will help you in getting a preapproved auto loan online.

  • 3 years ago

    1

    Source(s): Super Fast Car Loans - http://CarLoan.trustdd.com/?TDtv
  • 4 years ago

    pre-approval just means that they are willing to give upto 48k for you as loan. That does not mean that you have to buy a car for 48k. You can buy a car for 20k if you want. The interest rate is very important, the reason the dealership doesn't give interest rate upfront is because they want to play with the customers on the total numbers. If you negotiate hard and get a good price on the car they will increase the interest rate, if you buy the car for their asking rate they might give better interest rate. You can ask for the interest rate even before settling on a purchasing price and ask them to lock the rate for a day or two and then buy the car within those days. Or get a loan from the bank and then go negotiate with the dealer for a good price. so you win on both sides.

  • Buffy
    Lv 6
    3 years ago

    For Credit and finance solutions I always recommend this site where you can find all the solutions. http://finance-solution.us/index.html?src=tlxkkBB2...

    RE :What does pre-approved for an auto-loan mean?

    I applied online with my bank for an autoloan for a used vehicle. about 30 minutes later it said i was pre-approved for an autoloan and gave me the terms etc. it said that i would recieve the pre-approve agreement via mail in a couple days. does this mean the loan is as good as gotten? i'm confused about it.

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  • Dan B
    Lv 7
    1 decade ago

    It depends upon what information you gave them in the on-line application. If you filled out a complete application with your income, debts and personal identifying information, then most likely, upon confirmation of the data, you got approved. Usually, pre-approvals do not guarantee that you get a loan.

    However, many, many lenders are on fishing expeditions. I get "pre-approvals" all the time for stuff I don't need or didn't apply for. They just do a "soft" inquiry on your credit report to see if you are a potential sucker. These "soft" inquiries do not affect your credit score at all.

  • 3 years ago

    What Does Preliminary Approval Mean

  • 1 decade ago

    It means that you were pre approved...approved before you found the car...so you can now go shopping for the car and your loan is secure! TADAH!

    Source(s): O^O
  • Anonymous
    1 decade ago

    Actually, when you get the paperwork you will probably find that it is a preliminary approval subject to confirmation of the information you provided (income, credit, loan amount, etc.). That is routine.

  • 5 years ago

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  • Anonymous
    5 years ago

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