The Benefits of Getting Pre-Approved

Once you have decided to make a purchase of a new or used vehicle, ATV, UTV, or snowmobile, call your credit union and get preapproved first. This helps to take the stress out of shopping. You will know what amount you are preapproved for, your monthly payment, and how your payment will fit into your budget. Here are some tips to help you make an informed decision on your purchase and chosen services.

You can fill out an application online or make an appointment with the lending team to get the ball rolling.

This process can save you money in many ways…..

Your credit union will save you from having your information sent to multiple indirect lenders that will each do a hard pull on your credit report. This will affect your credit score. Ask your loan officer what your score is so you can tell your salesman. This way you can have them do the searching for you without farming out your information. Some credit unions might rate match with proof from other institutions.

Your Loan Officer can help you with many aspects of the process. Are you going to trade in your current car? Do you know its value? The loan officer can look up your vehicle and give you an estimate from J.D. Power & Associates or Kelly blue book. They can also tell you the value of the vehicle you would like to purchase. Being educated in this helps with negotiating a price and potentially can save you more money.

Your credit union can offer products and services just like your dealership. Some services are GAP insurance, extended warranties, life & disability coverage, and others. Most of the time your financial institution can offer it at a lower price. It pays to see what services your credit union offers.

By getting preapproved you will be educated and be able to make an informed decision quickly, show the seller that you are serious, and not lose that opportunity of purchasing what you want.

Kerry Getzloff

Trainer

This blog is not on behalf of Peninsula Federal Credit Union.