Want to jump start your car buying journey with Super Dave's? Get your pre-approval for an Auto Loan instantly thanks to our partnership with TD Finance.
What is Car Loan Pre-Approval?
A car loan pre-approval works the same way it would for another personal loan ie. a mortgage pre-approval, but for getting an auto loan.
Our quick pre-approval tool will take a quick assessment of your credit situation (without impacting your credit score) and does a calculation to let you know the maximum amount our Lending Partner is willing to lend you.
This amount takes into consideration your current debts, income, credit score and financial situation all during a quick two minute loan application.
This approval amount is specific to our dealership and is only offered through our partnership with TD bank.
After filling out this form, you'll have a good idea of how much you'll qualify when you're shopping for your next used car.
Why is Pre-Approval Important?
Getting a pre-approval provides a bunch of advantages for shoppers looking to get their next car at our dealership. Although our pre-approval form is provided by a partnership with TD Bank, they're not the only auto finance company we work with.
When you fill out our form, our team at Super Dave's Auto sales also gets your credit application, complete with the details on your approval. Because we're given this information at the same time you are, our credit specialists can get to work comparing the offer you've received to what other lenders might be able to offer.
In fact, when a client applies for a pre-approved loan online, we're often able to take that pre-approval amount and use it as leverage to negotiate better rates from the other banks. This tends to result in getting you the best rates on your next car payment.
How Does the Pre-Approval Process Work?
Simply fill out the form above or below and you'll get approved for your pre-approval before leaving the window.
If you didn't get a car loan pre-approval number right away, don't worry; sometimes a credit situation requires a more experience hand than a robot. In those instances, you'll be contacted shortly by one of our credit experts who will work with you to get any other helpful information that may qualify you for an approval.
What Documents Do You Need for Pre-Approval?
You don't need any documents in order to get pre-approved with Super Dave's Auto Sales!
Just fill out our quick pre-approval form above, ensure all your credit information is accurate and up to date and our tool will automatically generate a real pre-approval offer from TD bank for you, including payments, loan term, total loan amount and interest rate available to you when you come in to buy a car.
Why Should You Get Pre-Approved for a Car Loan?
Because knowledge is power, and filling out this quick two minute form will help us work with you to get a car loan. Getting this information early on in the process not only helps you know your potential maximum loan amount but also ensures we're able to negotiate with lenders on your behalf to get you the best possible terms for the life of the loan.
Can Pre-Approval Help You Save Money?
YES! When you've been pre-approved through our lending partner, our credit experts also get notified of the terms, car loan interest rates and expected loan payments that are being offered from that lending partner.
This means we can leverage our network of lending partners and start negotiating with them to try and get you a better rate than you're likely to get by sticking with your pre-approval.
At the end of the day, the lenders make money by lending you money, so we use this information to your advantage and go to bat for you to ensure we get you the best deal on your car purchase.
What Are the Advantages of Knowing Your Budget?
Knowing your budget when shopping for a new car both helps to manage expectations, but ensures that you don't end up getting more car than you need.
Using our tool will give you a much better idea of what your payments and maximum budget will be way better than any other car loan calculator available, since it's actually based on your personal credit history!
Having a budget in mind and an understanding of what your financing options looks like gives you more power when you're navigating our inventory. Remember that the pre-approval is often the MAXIMUM amount that particular lender is willing to extend, so once you get that number you can have your pick of any our great used vehicles at our dealerships that fall within that range.
How to Improve Your Chances of Getting Pre-Approved?
Our pre-approval tool is great, but some credit situations are too tricky for it to give you an immediate approval when you use it to apply for a car loan.
Our credit experts will still be able to get you financed, but if you want to get a number immediately there are some steps you can take to improve your chances of getting that instant approval when you apply online.
What Factors Do Lenders Consider for Pre-Approval?
Lenders look at your income, debts and credit history, so if you've got bad credit we may need to contact you for more information before offering you a car financing approval.
To improve your chances of getting an instant approval, you can use tools like Borrowell or Credit Karma to check your credit score for free online before you submit your instant approval application with our online lender.
When you check these tools, they'll give you an idea of your current credit score, and any outstanding payments or potential problems you might encounter when applying online with us or getting any type of loan.
How Can You Improve Your Credit Score Before Applying?
If you've checked your credit score online and you think it's looking a little low, don't worry! There are some easy steps you can take to help boost it fairly quickly.
First, if you've got any late or unpaid bills, make sure you get those covered off. Taking care of those before they get sent to collections will ensure your credit score stays healthy.
Next, check to see if you've got any bills in collections. If you've gotten passed to collections, those debts will follow you and keep dragging your score down.
If you want to boost your score, you can check to see which collections company is responsible for your debt, and you can try reaching out to them and negotiating a settlement agreement. Often times collections companies will be happy to negotiate a smaller sum than the amount you owe. This topic is a little too in-depth to cover here but we've included a link to a great guide on how to approach these companies.
Try taking care of the smaller amount first as those will clear them from your record quickly and start to help your score rebound.
If possible, try to ensure all your bills are paid promptly, and try to carry less than 30% of your available credit on loan products like a credit card.
If you follow all the steps above, it shouldn't take long to watch your credit score start to rise and qualify you for better loan rates.
Is It Beneficial to Shop Around for Rates?
Once you get your approval, you might be tempted to shop around for rates - see what the credit unions or other banks have to offer. Normally that'd be a good decision if you were applying for a loan with a single bank, there's no need to here.
Think of Super Dave's Auto Sales as the car loan version of a mortgage broker. We have pre-existing relationships with a bunch of banks and lenders and we take our knowledge of the industry to shop around for you, bringing you back the best and most competitive offers.
So yes it is beneficial to shop around for rates, but you're busy. We'll do that for you.