Pre-Approved Used Car Loans

Pre-approved used car loans can be found in many dealerships and auto loan companies in Lakeshore, ON. Customers that receive a pre-approved auto loan can look for the car that they want with the knowledge that they will definitely be able to finance it. Pre-approval often occurs on the basis of the customer's current credit score and income so customers that have either of these two items change during their vehicle search should contact their lender again to make sure that their terms and rates have not changed.

What is a Pre-Approved Used Car Loan?

Pre-approval occurs after the lender has already reviewed the customer's information and decided that they will approve the customer for an auto loan. These can easily be gained right here at OntarioCarsOnCredit.com to work with our dealership regardless of your credit background. Pre-approvals usually come with tentative amounts and rates that can help the customer decide on a car. These rates are usually the same rates the customer will receive but be aware that the rates can change at any time. It is unlikely, but occasionally other factors are uncovered that force the rates to change.

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Why Are Used Cars Better?

Many Lakeshore car buyers find used cars preferable because they are a far better value than a new car. Most cars depreciate the most immediately after they are purchased which means that a new car that has been driven off the lot is often already worth less than the amount that is owed on the car. Buying a used car means the car will depreciate at a more steady rate and that the new owner of the car will retain more value in the car as they pay down their loan. Used cars can sometimes be only one or two years old and many of them have barely been driven at all but they have still depreciated because they are not brand new.

Where Can a Customer Get a Pre-Approved Loan?

Customers can get pre-approved in a few places in Ontario, but to get the best offer apply right here at OntarioCarsOnCredit.com. Banks are often difficult to qualify for which will not make it easy if you need to find a car loan for a used car. Dealerships like us though can usually give a customer an instant pre-approval and we then allow the customer to look at their inventory for a vehicle that meets their pre-approved amount. OntarioCarsOnCredit.com offers a much easier way to qualify for and we have very competitive interest rates.