What Is Pre Approved Finance?

Preapproval means a lender has reviewed your credit report (not just the score) and other information to determine a loan amount and rate you're likely to receive. Preapproval quick facts: Hard credit pull. You'll likely get the offered rate (your car must also meet the lender's criteria).

What does pre-approved for finance mean?

If you're pre-approved, it means the lender is willing to offer you a loan based on a soft credit check (which doesn't leave a footprint). You can feel confident that if you apply, you'll be fully approved – as long as the information on your form is correct and you pass the full credit check.

Does pre-approval mean you will get the loan?

Just because you're preapproved for a particular offer doesn't mean you'll get approved or get the best terms available. Shop around to verify you're getting the best loan for your particular situation.