Getting Pre-Approved For An Auto Loan Will Save You Time & Money
Buying a car is not only a huge financial investment, but also a major time investment. According to a recent study by Cox Automotive, the average car buyer journey from start to finish is 14 hours and 48 minutes. That equates to a lot of time you could be spending doing other things.
Now, we understand that buying the perfect car does take time and effort, but what if we were to tell you there was one simple thing you could do to make your car buying journey easier, quicker, and less stressful? Would you believe us?
Pre-Approved Auto Loans Are The Key To Smart Car Shopping
The key to unlocking the door to a smooth car buying experience is to get pre-approved for an auto loan before you even conduct your first Internet search for the perfect car. This article will outline the reasons why an auto loan pre-approval is a smart move for anybody, regardless of his or her financial situation and budget.
Why Should I Get An Auto Loan Pre-Approval?
As we alluded to, getting pre-approved for your car before you shop will be a huge time and money saver. Here are some reasons you should consider applying for your car loan before you begin the shopping process.
- You Know You’re Getting The Best Rate
When you get pre-approved for your car loan before you go to the dealership, you can be assured that you are getting the best auto loan rate you qualify for. If you wait until you go to the dealership to get financing, you may end up paying more than you should.
- You Know How Much Car You Can Afford
One of the top benefits to getting pre-approved for your car loan is that you know how much you can afford before you conduct your first search. There is nothing more frustrating than finding your “perfect” car after hours of searching, only to discover that your current financial situation will not allow for you to get it. Knowing how much car you can afford before you go to the dealership or conduct an Internet search will save you a ton of time and frustration. You can use our auto loan calculator to help you determine how much car you can afford.
- You Can Shop Like A Cash Buyer
Dealers will sometimes try to move your focus from the total price of the car, to monthly payments. Focusing on monthly payments, instead of the overall price of the car, could result in a longer loan term. This means you would pay more in both principal and interest, as well as pay more overall for your car.When you get pre-approved for an auto loan at Launch CU, you receive a draft for the amount which you have been approved for. This loan draft can act as a check when you go to the dealership to buy your car. When you walk into the dealership with an auto loan pre-approval, you can focus on choosing exactly the right car for you, while negotiating on the total cost of the vehicle, rather than monthly payments. This has the potential to save you a ton of money in the long run.
- You Can Focus On What’s Important
When you know how much car you can afford before you shop, it allows you to focus on what is important. Instead of stressing about what type of rate you will get, or how much financing you will qualify for, you can focus on things that will help you pick the best vehicle for you, such as test drives, vehicle features, safety features, etc.
- You Can Have Peace Of Mind
When you apply to get pre-approved for a car loan at Launch CU, you can get peace of mind knowing that you are working with a trustworthy lender who has your best interest in mind. We care about our members’ financial well-being, and we understand that part of being comfortable with your finances is having peace of mind. Being pre-approved by Launch CU will provide you with the peace of mind you need, knowing we are always right here should you have a question relating to your auto financing.
Why Is Now A Good Time To Get Pre-Approved?
Now is a great time to get pre-approved for a car loan at Launch CU. For a limited time, we will take .25% off* your qualified auto loan rate, and give you 60 days deferred payments* when you finance your auto loan with Launch CU!
If you already have an auto loan with another financial institution, we want to speak with you about how refinancing your auto loan to Launch CU could save you money. Now through March 31, 2018, we will put $100* into your Launch CU savings account when you refinance your auto loan from another financial institution to Launch CU! In addition, we’ll give you .25% off* your qualified auto loan rate, and provide you with the option to defer payments for 60 days.*
Hurry! Both offers end March 31, 2018. Apply online to refinance or get pre-approved, or call a Launch CU Loan Specialist at 321-456-5441 to speak about your options.
*APR = Annual Percentage Rate. Loans are based on credit approval. The rate you pay is based on credit history and term. Savings account required for loan. Only a $5 minimum deposit required to open account and become a Launch CU member. You can open an account if you live, work, worship, or attend school in Brevard or Volusia counties. Discount .25% off will be applied to qualified auto loan rate, not to go below 2.24% APR. (Payment example: monthly payments on a loan with a term of 48 months at 2.24% APR would be approximately $21.82 per $1,000 borrowed.) $10,000 minimum loan amount for $100 bonus. Vehicle must be financed using standard financing terms through Launch Credit Union. Finance charge begins from date of refinance and is repaid over the term. Launch CU offers the option of deferred payments for 60 days upon vehicle refinance. Offer valid 01/01/18 – 03/31/18 only. Cannot be combined with any other offer. Car, truck, and motorcycle loans currently financed at Launch CU are not eligible for rate discount or the $100 incentive. Promotion not available for RVs and motor homes. $100 incentive for refinancing will be deposited into member’s savings account within two weeks of loan closing.