You can get pre-approved for an auto loan before making a decision on an vehicle. If you're going to finance, getting pre-approved early in the car buying process helps you understand how much you can borrow for your next vehicle.

What is a pre-approved car loan?

A pre-approved car loan is a conditional loan approval granted to a buyer by a lender, with estimated terms (i.e.: interest rate, amount of money you can borrow, loan term) to finance the purchase of a vehicle. Getting pre-approved for a car loan is a great way to let dealers know you've done your research.

Steps on how to get a pre-approved car loan

1. Check your credit score

Lenders will typically run a credit check before issuing a pre-approval because it helps predict how capable you are of repaying a loan on time. Checking your credit report beforehand to ensure your information is accurate before the lender runs your credit is a way of knowing where you stand.

2. Research lenders and interest rates

After you get your credit score, start seeking out lenders. Though you can explore banks and other lenders, Nissan Motor Acceptance Company (NMAC) financing can be a convenient option for someone planning to finance at a Nissan dealership.

3. Apply for pre-approval

Once you’ve narrowed your search to a few lenders, it’s time to apply. If you decide to apply with NMAC, you can start the finance application online.

4. Review your offers

When shopping for a lender, you may receive a pre-approval from your lender of your choosing. Your pre-approval offers will state the maximum amount you can borrow, which is not the price of the car you can buy. You will need to factor the cost to cover taxes and fees. You can use the payment calculator to estimate your payments now that you have an idea on the amount you're pre-approved to borrow.

Nissan Salesperson Showing Customer What Is Required For A Pre Approved Car Loan

What do you need to get pre-approved for a car loan?

Lenders often ask for information about your income, credit history, employment and other debt payments when reviewing your pre-approval application. If you plan on financing with NMAC, don't forget to bring the required documents with you. You can get a head start on the Nissan pre-approval process online.

The requirements are: 

  • Be 18 years of age or older 
  • Have a valid Social Security Number
  • Be a legal resident of the US
  • Have verifiable income and/or employment
  • Have an e-mail address

Top 3 benefits of getting pre-approved for a car loan

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