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If I have a pre approval letter from my credit union will i still need a down payment as a 1st time buyer?
- Dan BLv 71 decade agoFavorite Answer
A pre-approval letter means absolutely NOTHING!!! The credit union is on a fishing expedition to see if you'll bite on a loan. Pre-approval letters are sent out by the millions to everyone and are based upon a "soft" credit inquiry about your credit worthiness.
You still must meet their credit requirements, income level and other measuring sticks before you can get the loan. And it may or may not require a down payment. That depends upon the credit union's lending policy for new/used cars and the selling price.