{"id":40040,"date":"2022-05-09T11:36:46","date_gmt":"2022-05-09T11:36:46","guid":{"rendered":" https:\/\/dev.way.com\/blog\/?p=40040"},"modified":"2022-05-09T11:39:36","modified_gmt":"2022-05-09T11:39:36","slug":"car-loan-pre-qualification","status":"publish","type":"post","link":"https:\/\/dev.way.com\/journal\/car-loan-pre-qualification\/","title":{"rendered":"How To Pre-qualify For An Auto Loan And Is It Worth It?"},"content":{"rendered":"<p style=\"text-align: center;\"><em>Want to take a car loan but have no idea what rates you can afford? Applying to pre-qualify for an auto loan can help you find what your financial position is, and what loan rates you can possibly get from lenders.\u00a0<\/em><\/p>\n<p style=\"text-align: justify;\">When you first start looking for a car loan, you&#8217;ll see a lot of terms bandied about. This includes <a href=\" https:\/\/dev.way.com\/blog\/what-is-apr-on-a-car-loan-and-how-is-it-calculated\/\" target=\"_blank\" rel=\"noopener\">Annual Percentage Rate (APR)<\/a>, pre-qualification, pre-approval, <a href=\" https:\/\/dev.way.com\/blog\/how-are-car-loan-payments-calculated\/\" target=\"_blank\" rel=\"noopener\">amortization,<\/a> and more! Out of these, &#8216;pre-qualification&#8217; is important to find out if you&#8217;ll actually get the best rates for your budget.<\/p>\n<p style=\"text-align: justify;\">Pre-qualifying for a loan gives you a good indication of what type of loan is best for you. Here&#8217;s a lowdown about it and how to make the best use of it when financing a car!<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #e71346;color:#e71346\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #e71346;color:#e71346\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/dev.way.com\/journal\/car-loan-pre-qualification\/#What_Is_Pre-qualification_for_a_Car_Loan\" >What Is Pre-qualification for a Car Loan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/dev.way.com\/journal\/car-loan-pre-qualification\/#What_Does_the_Pre-qualification_Process_Involve\" >What Does the Pre-qualification Process Involve?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/dev.way.com\/journal\/car-loan-pre-qualification\/#What_Is_the_Difference_between_Auto_Loan_Pre-qualification_and_Pre-approval\" >What Is the Difference between Auto Loan Pre-qualification and Pre-approval?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/dev.way.com\/journal\/car-loan-pre-qualification\/#Reasons_to_Apply_for_Auto_Loan_Pre-qualification\" >Reasons to Apply for Auto Loan Pre-qualification<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/dev.way.com\/journal\/car-loan-pre-qualification\/#What_details_should_you_submit_to_pre-qualify_for_a_car_loan\" >What details should you submit to pre-qualify for a car loan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/dev.way.com\/journal\/car-loan-pre-qualification\/#Where_Can_I_Get_Pre-qualified_for_an_Auto_Loan\" >Where Can I Get Pre-qualified for an Auto Loan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/dev.way.com\/journal\/car-loan-pre-qualification\/#What_Does_Pre-qualified_Mean_for_a_Car\" >What Does Pre-qualified Mean for a Car?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/dev.way.com\/journal\/car-loan-pre-qualification\/#What_Is_Better_Pre-qualified_or_Pre-approved\" >What Is Better: Pre-qualified or Pre-approved?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/dev.way.com\/journal\/car-loan-pre-qualification\/#Does_Pre-qualifying_for_an_Auto_Loan_Affect_Your_Credit\" >Does Pre-qualifying for an Auto Loan Affect Your Credit?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/dev.way.com\/journal\/car-loan-pre-qualification\/#Is_It_Better_to_Pre-qualify_for_a_Car_Loan\" >Is It Better to Pre-qualify for a Car Loan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/dev.way.com\/journal\/car-loan-pre-qualification\/#Can_You_Be_Denied_a_Car_Loan_after_Pre-approval\" >Can You Be Denied a Car Loan after Pre-approval?<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_Pre-qualification_for_a_Car_Loan\"><\/span>What Is Pre-qualification for a Car Loan?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>A pre-qualified car loan is a conditional offer put forward by auto lenders after a quick check of your overall financial position<\/strong>. Simply put, it uses the basic preliminary information from your side to assess whether you are loan-worthy and to estimate what types of rates will be best for you.<\/p>\n<p style=\"text-align: justify;\">How does this help you? Pre-qualification is a nifty way to determine your various options before choosing one loan offer. It also gives you a better idea of your financial position without resorting to a hard credit pull.<\/p>\n<p style=\"text-align: justify;\">It&#8217;s always best to shop around and compare a few pre-qualified offers before applying for your preferred one. This helps you be better informed and helps you avoid high APRs and monthly payments in the long run.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Does_the_Pre-qualification_Process_Involve\"><\/span>What Does the Pre-qualification Process Involve?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Most lenders will ask you to submit your basic details lik<strong>e name, annual income, monthly expenses, vehicle type, valuation, and registration number<\/strong> to pre-qualify for a car loan. Most lenders use a <strong>soft credit check<\/strong> to inform their car loan pre-qualification process. Some others use in-house financial experts to analyze a person&#8217;s initial risk profile.<\/p>\n<p style=\"text-align: justify;\">Based on the soft credit pull, the lender will give you a tentative loan offer with an estimated APR. However, keep in mind that this is subject to change later on in the process. You will still have to apply formally and go through a hard credit check and financial vetting before a final offer is made.<\/p>\n<p><a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-40045 size-large\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/05\/prequalification2-min-1024x683.jpg\" alt=\"What is pre-qualification for an auto loan?\" width=\"640\" height=\"427\" srcset=\"http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/prequalification2-min-1024x683.jpg 1024w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/prequalification2-min-300x200.jpg 300w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/prequalification2-min-768x513.jpg 768w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/prequalification2-min-1536x1025.jpg 1536w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/prequalification2-min-2048x1367.jpg 2048w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/prequalification2-min-600x400.jpg 600w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_the_Difference_between_Auto_Loan_Pre-qualification_and_Pre-approval\"><\/span>What Is the Difference between Auto Loan Pre-qualification and Pre-approval?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>If pre-qualification is the starting point to buying a car, then pre-approval is a more comprehensive appraisal of your finances just before you buy a car.<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>1. AUTO LOAN PRE-QUALIFICATION<\/strong>: You should apply for <strong>pre-qualification<\/strong> when you have<strong> NO IDEA about which lender to choose<\/strong>, what APR is good for you, and what you can afford. Pre-qualification using a soft credit pull will give you a tentative idea about the best rates you qualify for.<\/p>\n<ul style=\"text-align: justify;\">\n<li>It is done before shopping around for loans<\/li>\n<li>It uses only preliminary information and is hence less accurate<\/li>\n<li>Quicker than pre-approval for a car loan<\/li>\n<li>Requires only basic details like name, annual income, vehicle model, etc<\/li>\n<li>Uses a soft credit check<\/li>\n<li>You can pre-qualify with multiple lenders and then choose one later<\/li>\n<li>Offer can change after formal application<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>2. AUTO LOAN PRE-APPROVAL:<\/strong> You should choose<strong> pre-approval<\/strong> when you have already made up your mind to buy or refinance a car. This will result in a much more detailed inquiry (hard credit pull) along with other verifiable information like income proof, proof of insurance, registration number, and more.<\/p>\n<ul>\n<li style=\"text-align: justify;\">It is to be done after deciding to buy a car and before formal application to the lender<\/li>\n<li style=\"text-align: justify;\">It uses more detailed and verifiable information, hence is more accurate<\/li>\n<li style=\"text-align: justify;\">Takes more time than pre-qualification<\/li>\n<li style=\"text-align: justify;\">Requires detailed information like Social Security Number, Credit Score, Proof of Insurance, Employment Type, and more<\/li>\n<li style=\"text-align: justify;\">Uses a hard credit pull<\/li>\n<li style=\"text-align: justify;\">Pre-approval is done after you&#8217;ve chosen a lender<\/li>\n<li style=\"text-align: justify;\">Offer can change after formal application<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Reasons_to_Apply_for_Auto_Loan_Pre-qualification\"><\/span>Reasons to Apply for Auto Loan Pre-qualification<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-40044 size-large\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/05\/Pre-qualification3-1-1024x682.jpg\" alt=\"What is pre-qualification for an auto loan?\" width=\"640\" height=\"426\" srcset=\"http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/Pre-qualification3-1-1024x682.jpg 1024w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/Pre-qualification3-1-300x200.jpg 300w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/Pre-qualification3-1-768x512.jpg 768w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/Pre-qualification3-1-1536x1024.jpg 1536w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/Pre-qualification3-1-600x400.jpg 600w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/Pre-qualification3-1.jpg 2000w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Applying for pre-qualification with multiple lenders has the following benefits:<\/p>\n<ul>\n<li style=\"text-align: justify;\">You can determine if your credit is sufficient enough to get good APRs<\/li>\n<li style=\"text-align: justify;\">It allows you to skip dealership lending which usually only gives you one option and one rate<\/li>\n<li style=\"text-align: justify;\">It gives you the upper hand when negotiating with other lenders (you have more choice)<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"What_details_should_you_submit_to_pre-qualify_for_a_car_loan\"><\/span><span data-contrast=\"none\">What details should you submit to pre-qualify for a car loan?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Lenders will typically ask you for some basic information like:<\/p>\n<ul>\n<li style=\"text-align: justify;\">Identity details (name, contact number)<\/li>\n<li style=\"text-align: justify;\">You annual income<\/li>\n<li style=\"text-align: justify;\">Your type of employment<\/li>\n<li style=\"text-align: justify;\">Current debt situation.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Where_Can_I_Get_Pre-qualified_for_an_Auto_Loan\"><\/span>Where Can I Get Pre-qualified for an Auto Loan?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">While you can always reach out to banks and other financial institutions, it&#8217;s easier to get pre-qualified offers when using lending platforms like <a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\">Way.com<\/a>. With a network of trusted lenders across the country offering both financing and refinancing, you can easily pre-qualify for auto loans, check out their terms and conditions, and choose lenders who fit your budget.<\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"><a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/02\/REFINANCE-BANNER.png\" alt=\"What is pre-qualification for an auto loan?\" width=\"744\" height=\"276\" \/><\/a><\/span><\/p>\n<h2><em>Frequently Asked Questions (FAQ)<\/em><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"What_Does_Pre-qualified_Mean_for_a_Car\"><\/span>What Does Pre-qualified Mean for a Car?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">A pre-qualified auto loan is offered by a lender after a preliminary check of your financial background. This will help you get an idea about what APRs you qualify for without going through a formal application. You can apply for pre-qualification with as many lenders as required and then choose a good offer to go through with.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_Better_Pre-qualified_or_Pre-approved\"><\/span>What Is Better: Pre-qualified or Pre-approved?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Going through pre-qualification for an auto loan is a good idea at the start of your loan-hunting process when you have no idea about the rates and lenders. Pre-qualification will only need a soft credit pull. However, once you have zeroed in on a lender and have finalized the loan amount, it&#8217;s best to apply for pre-approval to see if the loan can come through. This will include a hard credit pull which may temporarily affect your credit score.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Does_Pre-qualifying_for_an_Auto_Loan_Affect_Your_Credit\"><\/span>Does Pre-qualifying for an Auto Loan Affect Your Credit?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Most lenders use a<strong> soft credit pull<\/strong> to assess if a borrower pre-qualifies for an auto loan. Hence, it will not affect your credit score.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_It_Better_to_Pre-qualify_for_a_Car_Loan\"><\/span>Is It Better to Pre-qualify for a Car Loan?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">It&#8217;s always recommended to apply for pre-qualification with multiple auto lenders. You can compare several rates at the outset, go through the different terms and conditions, and choose a preferred lender.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Can_You_Be_Denied_a_Car_Loan_after_Pre-approval\"><\/span>Can You Be Denied a Car Loan after Pre-approval?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Yes, you can be denied a car loan even after pre-approval if there are irregularities in the details provided. Application errors, inconsistency in details, credit irregularities, and more can cause your lender to reject your pre-approved application.<\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> <a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/02\/REFINANCE-BANNER.png\" alt=\"What is pre-qualification for an auto loan?\" width=\"744\" height=\"276\" \/><\/a><\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><em>Here\u2019s more info on\u00a0<\/em><a title=\"https:\/\/www.way.com\/airport-parking\" href=\"https:\/\/www.way.com\/airport-parking\" target=\"_blank\" rel=\"noopener noreferrer\" aria-label=\"Link top-rated airport parking\"><em>top-rated airport parking<\/em><\/a><em>,\u00a0<\/em><a title=\"https:\/\/www.way.com\/cities\" href=\"https:\/\/www.way.com\/cities\" target=\"_blank\" rel=\"noopener noreferrer\" aria-label=\"Link the best parking spots in your city\"><em>the best parking spots in your city<\/em><\/a><em>, the most affordable\u00a0<u><a title=\"https:\/\/www.way.com\/auto-insurance\" href=\"https:\/\/www.way.com\/auto-insurance\" target=\"_blank\" rel=\"noopener noreferrer\" aria-label=\"Link auto insurance\u00a0\">auto insurance\u00a0<\/a><\/u>for your car, and\u00a0<\/em><a title=\"https:\/\/www.way.com\/car-wash-near-me\" href=\"https:\/\/www.way.com\/car-wash-near-me\" target=\"_blank\" rel=\"noopener noreferrer\" aria-label=\"Link top-rated car washes near you\"><em>top-rated car washes near you<\/em><\/a><em>.<\/em><\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Want to take a car loan but have no idea what rates you can afford? Applying to pre-qualify for an auto loan can help you find what your financial position is, and what loan rates you can possibly get from lenders.\u00a0 When you first start looking for a car loan, you&#8217;ll see a lot of&hellip; <a class=\"more-link\" href=\"https:\/\/dev.way.com\/journal\/car-loan-pre-qualification\/\">Continue reading <span class=\"screen-reader-text\">How To Pre-qualify For An Auto Loan And Is It Worth It?<\/span><\/a><\/p>\n","protected":false},"author":46,"featured_media":40043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1962,1855],"tags":[5689,5690,5691,5693,5694,5695,5697],"class_list":["post-40040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-auto-refinance","category-finance","tag-pre-qualify-auto-loan","tag-prequalify-for-an-auto-loan","tag-auto-loan-pre-approval-soft-pull-prequalify-car-loan","tag-prequalify-for-a-car-loan","tag-pre-qualify-car-loan","tag-auto-loan-prequalification","tag-auto-loan-pre-qualify","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.3 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Should You Pre-Qualify for an Auto Loan? [And Why It Could Be Worth It]<\/title>\n<meta name=\"description\" content=\"Want to take a car loan but have no idea what your credit score is? Pre-qualifying for an auto loan can help you find whether it&#039;s worth it!\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How To Pre-qualify For An Auto Loan And Is It Worth It?\" \/>\n<meta property=\"og:description\" content=\"Want to take a car loan but have no idea what your credit score is? 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