Learn more about auto loans from Extra Credit Union.
This is typically a verbal statement from your lender stating you qualify for a specific loan amount based on credit and income information. A letter may be provided to the member upon request. Advantages: This allows you to get a good idea of what you can afford while shopping for a car so that you can solely target those within your price range and stay within your budget. A pre-approval simplifies your dealership experience—you can leave out discussions about financing, and focus on the vehicle and getting the best price possible.
A mortgage pre-approval is good for 90 days. An auto loan pre-approval is good for 30 days.
Yes, you can refinance to increase the loan amount (borrow more money). There is an associated loan processing fee of $75 for any loan over $4,000 and $45 for any loan that is $2,000-$4,000.
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