Can I get preapproved for a loan and not get it right away?
Since the car dealer is going to have a higher interest rate most likely, I want to get pre approved for a loan from my bank. However, I dont want to get the loan right then and there because I want to make sure I get the car for the price I want. I dont want to not be able to negotiate and then I have a loan for nothing. Can I do this?
- chiekoLv 71 decade agoFavorite Answer
getting preapproved just means that the lender has looked at your credit, job situation, etc. and decided that they would give you the loan.
you are not obligated to commit to the loan until all papers have been signed. if you don't buy the car, you simply don't do the paperwork.
it's a fairly standard practice...
- Anonymous1 decade ago
You get pre-approved for a maximum loan amount and the bank only loans you the money AFTER you've signed the papers for the car. Sometimes they give you a blank check, sometimes they electronically send the check to the dealer, or possibly some other way. Typically, the loan company has to see the bill of sale or sale contract. But, the loan is only for the amount of the car sale, and only becomes effective after you've signed for the car.
- 1 decade ago
you can, but at some point in time (30 or so days) the approval will expire and rates could change
you can actually get a loan and prices on a car on this site, the best rates for those with excellent credit is somewhere in the 6-7 range depending on length of loan
You are wise to check rates first...