Pre-approval for lease?

ricksastar

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?

Mr_Shiftright

Yes, for financing it gives you the advantage of using the CUs offer to perhaps get the dealer to match the CUs interest rate, if the dealer is higher. The dealer makes money on financing, so sure...you shop for money just like you do for cars.

I don't think pre-approval will help with a lease though, because the leasing company sets the criteria for the worthiness of the leasee.