Why should you get pre-approved for your car loan?

 

 You get better interest rates!

As a not-for-profit financial institution, WCCU wants to get you the best interest rate possible and a payment you can afford. Our profits go back to our members through lower interest rates! We don’t mark up the interest rate, the way a middle-man might, in order to increase profit on the sale. And because we are a risk-based lender, our lending terms make sure the loan you get is one you can actually afford to pay back.

 

You protect your credit.

When a dealer finances your car loan, they often have relationships with many lenders, and they’ll have to perform a hard pull on your credit history at each lender to find a deal for you.  This can knock your credit score down in a hurry.

When you get pre-approved, WCCU pulls your credit report once, and that’s it for the financing! Your pre-approval is good for 30 days, so you can take your time and find the right new or used auto for you.

 

You increase your negotiating power.

When you have a pre-approved auto loan, you don’t have to negotiate a bottom line for financing with a dealer, because you already have it! Dealerships’ ability to promote offers that don’t benefit you is limited when you know you already have a great pre-approved offer.

You save money.

We aren’t getting paid a commission on your loan, and there’s no incentive to sell you something you don’t need or can’t afford.

Additionally, negotiating the total cost of the car instead of a monthly payment amount can keep you from add-ons you don’t want. Describing something as costing an extra $20 per month sounds different than adding $1040 to the cost of your vehicle.

WCCU also offers products like GAP Insurance for significantly less than the dealer, usually 2 to 4 times less!

Ready for MORE?