Friday, May 24
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How getting pre-approved can help your New Car Loan application process

Are you in the market for a new car? If so, one of the first things you should do is check if you are pre-approved for a new car loan. Many people make the mistake of going straight to the dealership when it’s time to buy a car, but taking the time to get pre-approved beforehand can save you time, money, and stress in the long run. In this article, we’ll explore the benefits of getting pre-approved for a new car loan and why it’s a smart move for anyone in the market for a new car.

Buying a new car and the financing options

With all the new models being released every year, the new car market is brimming with exciting possibilities. You can go for an economical car for daily commutes or adventures SUVs to go on unplanned trips. But, new cars often come with a price tag that can be difficult to manage if you have to make an upfront payment. For many buyers, financing becomes a necessary step in the car-buying process. This is where new car loans can help, and exploring financing options through mobile apps can make the process much more convenient.

With mobile apps, you can easily compare loan offers from different lenders, calculate the monthly payments for each loan, and even apply for a loan right from your smartphone. This convenience makes it easier than ever to find the best new car loan for your budget. And since your phone is always with you, you can explore financing options on the move.

What is a pre-approved offer on new car loan

One feature that many lenders offer on their new car loans is the pre-approved offer. A pre-approved offer essentially means that the lender has already approved you for a loan up to a certain amount. This has several benefits for you as the buyer. Firstly, you save time and effort since you don’t have to go through the entire application process. Secondly, you have a sense of certainty since you know exactly how much you qualify for. Lastly, being pre-approved can be a huge bargaining tool when negotiating with the dealer. The dealer knows that you have already secured financing and can now focus purely on selling the car.

Benefits of pre-approved loans

One of the biggest benefits of getting pre-approved for a car loan is the convenience of securing finance online. Many financial institutions and lenders now allow customers to check loan offers, making it easier than ever to get new car loan pre-approval. Here are a few notable advantages of getting pre-approved for a new car loan:

  • Ease of mobile apps

Many lenders now offer mobile apps that make the process of getting pre-approved for a car loan even easier. Once you login to the app, you can check if you have pre-approved offers on a new car loan within minutes. 

If you don’t have pre-approved offers, you can still easily apply for a new car loan on the app. Mobile apps like the Bajaj Finserv app allow you to complete the entire loan application process from your smartphone easily. You just need to download the app, fill out the application, and submit the necessary documents. 

  • Better negotiating power

Getting pre-approved for a new car loan can also give you better negotiating power when it’s time to buy a car. When you are pre-approved for a loan, you know exactly how much you can afford to spend on a car. This gives you an advantage when negotiating with the dealership, as you will be able to identify the car models you can afford. These days you can also check out cars online on shopping portals like Bajaj Mall. You will eb able to compare features and pricing of new cars and book your new car online on EMIs.

  • Competitive interest rates

Another benefit of getting pre-approved for a car loan is the potential for competitive interest rates. When you get pre-approved for a loan, lenders will typically offer you an interest rate based on your creditworthiness. Start building your credit score if you are planning to apply for a new car loan. If you have a good credit profile, you may be able to secure a good interest rate.

  • Saves time

Getting pre-approved for a car loan can also save you time. When you’re pre-approved for a loan, you don’t have to wait. Instead, you can walk into the dealership with a pre-approved loan in hand, making the car-buying process much faster and more streamlined. When you have pre-approved offers on new car loans, you can benefit from faster loan processing. Depending on your eligibility, you may still need to submit a few documents during the new car loan application process. 

  • Better budgeting

Getting pre-approved for a car loan can help you budget more effectively. When you know exactly how much you can afford to spend on a car, you can make a budget that fits your financial situation. You can start shortlisting car models as per your preference and proceed with the one that fits your budget. This can help you avoid overspending on a car and ensure that you’re making a smart financial decision. 

Getting pre-approved for a new car loan is beneficial if you are planning to buy a new car. It offers a range of benefits, from better negotiating power and competitive interest rates to saved time and better budgeting. The process has never been easier, thanks to new car loan apps like the Bajaj Finserv app. With these tools at your fingertips, you can check pre-approval offers for a new car loan quickly and bring home your new car without any hassles.