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How does a preapproved car loan work?
asked Oct 16, 2010 by triuser (1,781 points)

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Good question. Well, you have to know that some banks pre-approve you for a certain amount and the dealer works with that bank directly; not too many banks give you a blank check with a certain cap off amount. Stick to your bank, dealers always want you to sign up with their banks, i think you *** up paying for more. When you walk up to a dealer pre-approved for a certain amount, its like walking in with cash so you can negotiate since they don't have to preapprove you. Go to a Credit Union they have better interest rates than banks do. Good luck
answered Oct 16, 2010 by trianswer (22,754 points)

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