Buying a car is super exciting but you may not know what you can afford or how to find your dream vehicle. A step that can help to take away those doubts is pre-qualification.
Getting pre-qualified for financing gives you a good idea of whether you’ll get approved for a loan and the kind of loan you may get. It’s also quick (you’ll get an instant decision), there’s no impact on your credit score, and you can shop real rates and payments on vehicles that fit your budget.
All of that adds up to more control in the car buying process. So, let’s take a closer look at the reasons to pre-qualify.
Sets your expectations
Pre-qualification is a great way to learn more about where you stand before you complete a financing application or walk into a dealership. If you pre-qualify, you can find out how much you may be able to borrow and what your payments and interest rate might be. Buying a car suddenly becomes much more do-able.
No impact on your credit score
A lender will consider many things when you want to get financing, including your credit score. While a financing application will dent your score a little, pre-qualification won’t, so you don’t have to worry.
Helps you budget and choose a vehicle
Imagine if you knew your loan amount, interest rate and monthly payment upfront. Knowing details like that helps you more easily plan for your purchase by focusing on vehicles that you can afford.
If you pre-qualify for financing with Drive®, you can use our Budget Customizer to learn more about your financing options and choose your ideal terms.
The Budget Customizer matches you to cars that work for your budget while allowing you to explore the impact of changing your monthly payment, down payment and/or the length of the loan. That puts you in a great place to then home in on vehicles you like, check out features and compare one vehicle to another.
Gives you confidence at the dealership
With pre-qualification under your belt, you’re ready to confidently visit the dealership to make your purchase. If all your financing details check out, you’ll receive the exact pre-qualified offer you saw online.
Quick and easy
Not only does pre-qualification help to put you in control of the car buying process, but it’s quick and painless. Our short form takes just a couple of minutes to complete and you’ll get a decision in seconds. Go ahead and see if you pre-qualify with Drive.
