Do I Need Preapproval for Jeep® Financing?
Buying a car can be complicated if you don’t do your homework beforehand. For those who have never been through this process before, it can seem endlessly complicated and difficult. Potential Jeep® buyers who don’t know where to begin read on, as this guide will help you through the first process of Jeep financing, the pre-approval process.
What is Preapproval?
Preapproval is the initial part of the process of obtaining a loan from a financial institution. Preapproval is an investigative step taken by a lender to ensure that you are able to pay off the loan they will be providing. While not always required, it can be seen as an extra security step taken by many lenders.
How Do I Get Preapproved?
Preapproval requires certain documentation to be provided so the lender can get a better idea of what the borrower has.. The information required by the lender can include a credit score, current employment and housing information, and the trade-in value of your current vehicle should you choose to trade-in. From this information, a better picture of a loan can be offered by the lender.
Do I Need to Get Preapproved?
Preapproval is not required when applying for a car loan. While preapproval may be the route taken by some potential car buyers, it is certainly not a necessary part of the car buying process. For those who elect to not get preapproved for their loan, all of the application material will be required by the financial manager of the dealership to go forward with the sale.
Still have questions remaining? Don’t hesitate to reach out to the Covert Chrysler Dodge Jeep RAM’s finance department for answers! We want to help demystify the complicated car-buying process as much as possible, so we hope that this guide has helped you with this process.