Blank Check Car Loans or Pre Approved Auto Financing
A blank check car loan is essentially a pre-approved car loan. You apply for an auto loan and receive approval for a specific amount of money available to you. The terms and rates are decided before you ever begin your search for a new car. This form of auto financing has several advantages to the car buyer who is searching for their next vehicle.
- A pre-determined spending limit helps to protect the buyer from a common dealer practice called “up-selling”( trying to sell you a more expensive model or one with extra options.)
- The buyer already knows the payment amount and length of contract and can take his “blank check” to whatever dealer he chooses thus avoiding some of the “high pressure tactics” in the finance office.
- Though it is easiest to obtain for those with good credit, even those with distressed credit can find a “blank check” and the lender may consider factors that will reduce the interest rates which the dealer will not.
Apply Now for Pre-Approval
There are a few things to consider when seeking this type of loan
Because dealers often make additional profit on the financing of an automobile, the price that you pay for the vehicle may not be the same as what you would pay if it were dealer financed. Research before you buy can help to assure you that have been given a fair price for the vehicle you wish to purchase.
Knowing your credit score and obtaining a copy of your credit report before seeking an auto loan of any type can be important. If you find errors, correct them before you apply. Attempt to pay off any small accounts and make sure that you continue making timely payments on all ongoing credit accounts. Multiple credit requests can drive down your score so make sure you have taken this important step beforehand.
At Autoloanfinance.net we have third party lenders and the dealers with whom they work available to provide pre-approved car loans for many types of credit. An application through our network can get you pre-approval before you begin shopping for your next vehicle.
Pre-Approvals Give You More Control!
The major advantage to a blank check car loan is the sense that you are more in control of the process. The ability to take your blank check from dealer to dealer may be a valuable bargaining chip in the process of car purchase. You have the ability to get dealers to compete for your business rather than a feeling that you are at their mercy. Whether you are a first time buyer or one who has experience consider the option of a pre approved car loan for your next purchase.
Requirements for a Blank Check Car Loan
The following requirements are basic to most auto financing;
- Proof of income of at least $1500 per month
- 18 years of age
- Rent receipt or utility bill in your name
In addition pre approved loans are not available for commercial vehicles, RV’s or motorcycles. The loan amount must be at least $7500 dollars and be for a vehicle that is no more than 5 years old and having less than 70,000 miles. In general, rates for new cars are lower than those available for used cars and some lenders will require more specific information about the vehicle before final approval.
At Autoloanfinance.net we have:
- SSL secure website for your sensitive financial information
- Quick, Easy Application
- Prompt Professional Service a response usually within 72 hours