Chevy Finance Tips: Getting Pre-Approved

At Wilkinson Chevrolet GMC, we believe the Chevy financing process should be easy and accessible for everyone. That’s why we provide a range of financing tools and resources, and why we’re walking you through every stage of the vehicle financing process. Here’s everything you need to know about pre-approval.

What is Pre-Approval?

When you get pre-approved for financing, this means a lender has given a conditional loan approval with an estimation of the amount you can borrow and your interest rate. This process is beneficial for numerous reasons and shows dealerships that you are serious about buying a vehicle.

Benefits of Getting Pre-Approved

Pre-approval has numerous advantages, starting with your finances. When you have a rough idea of how much you’ll be able to spend, you’ll be able to better budget for your next vehicle. This way, you won’t have to worry about falling in love with a car that is beyond your means. In addition, pre-approval will save you time at the dealership, streamlining the financing process.

Factors That Influence Pre-Approval

Your credit score is one of the most important factors to consider during the vehicle pre-approval process. It tells the lender how reliable you are to lend money to, which is why drivers who have higher credit scores have access to more favorable terms. You want to check your credit score at the start of the vehicle financing process, so you know what options you have.

Lenders will also look at your employment information, income, outstanding debt, and tax documents. Make sure you have all of your documentation ready before getting pre-approved.

Begin Chevy Financing in Sanford, NC

Whether you’re financing your first car or your fifth, Wilkinson Chevrolet GMC is here to help. Learn about your financing options and apply for pre-approval today.

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