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Unsure of lease or financing, should I get pre-approval either way?

ricksastarricksastar Member Posts: 5
edited June 2016 in Chevrolet
My wife and I have begun car shopping however we're unsure if we're buying or leasing. I was going to get a preapproval from my credit union before we started talking to dealers. Is it worth still getting a preapproval if we end up financing? Does that still give us an advantage in negotiating?
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  • kyfdxkyfdx Moderator Posts: 236,374

    My wife and I have begun car shopping however we're unsure if we're buying or leasing. I was going to get a preapproval from my credit union before we started talking to dealers. Is it worth still getting a preapproval if we end up financing? Does that still give us an advantage in negotiating?

    You should get pre-approval for a car loan, so you know what rate the CU is offering, and whether you qualify. This gives you options in the F&I office. You don't have to take the dealer's financing offer, if you have a better deal with your credit union.

    A pre-approval can also help you discover any deficiencies in your credit report, instead of being surprised at the dealership.

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  • nag2016nag2016 Member Posts: 2
    Pre approval from credit union and financing from dealer - Will that be a double credit hit?
  • steverstever Guest Posts: 52,454
    "[C]redit scoring systems allow people to shop for the best rates on car loans without having a negative impact on their credit scores. They do so by counting all inquiries for auto loans within a given period of time as a single inquiry.

    That time period may vary slightly from one credit scoring system to another but typically is 14-days."

    That's per Experian but I think that's the general rule of thumb.
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