Auto Loan Preapproval Process
Key takeaways:
A vehicle loan preapproval makes buying a new car much simpler. The loan approval gives you the terms upfront and a locked in rate, giving you more bargaining power. Plus, our preapproval offer is good for 60 days, so there’s no need to rush into a car-buying decision.
Start your preapproval by completing our vehicle loan application. Once you're approved, you can take the preapproval to the dealership or a private buyer to show you have financing lined up and can close the loan quickly.
Why Get Preapproved Before Buying a Car
If you’re like most people, your vehicle is essential. You need it for commuting, childcare drop-offs, road trips, even gig work. When it's time to buy a new car, put yourself in control by lining up your vehicle financing options first.
Steps in the Preapproval Process
- Apply for an auto loan preapproval online by using our vehicle loan application. You can also visit one of our 30+ bank branches across Kansas and in Kansas City, Missouri.
- We'll verify your name, address, Social Security number, employment information, and the loan amount.
- Our team will review your credit history, debt to income ratio and other details about your financial situation.
- Once approved, we'll provide a preapproval that outlines your offer, which is good for 60 days. It includes your total loan, annual percentage rate (APR), and your car payment for
- With your preapproval offer in hand, go find your dream car!
When you're ready to make your vehicle purchase, we can quickly close the loan once we have:
- Sales Contract
- Invoice
- Insurance Information
Auto loans generally close the same day.
Auto Loan Preapproval FAQs
What is an auto loan preapproval?
An auto loan preapproval is a conditional commitment from your financial institution. It states the amount of money you could borrow, your interest rate and your terms.
The preapproval isn't a guarantee that the bank will finance a car. The vehicle must meet the lender's criteria, such as age, mileage, and price. Emprise Bank will not finance a vehicle older than 2011. the vehicle needs to be in good working order and operational at the time of funding.
What's the difference between a bank auto loan preapproval vs dealership financing?
When you borrow money for a car purchase, you want to get the best deal possible. A bank preapproval helps you set your budget and price range, which gives you a stronger position at the dealership. It also shows the seller you're a qualified buyer.
When you finance with a dealership, you often choose a car first and then discuss financing. Dealerships may have incentives such as 0% financing, but those are usually for borrowers with perfect credit.
At the dealership, the conversation often starts with what you want the monthly payment to be. By focusing on the monthly payment, you may end up with a longer term or higher interest rate. This can cost you more in the long run.
The borrower is responsible for verifying if they qualify for offers like the ones listed above.
How do I get preapproved for a car loan?
Start by applying online or visiting one of our 30+ branches in Kansas and Kansas City, Missouri.
Can I get preapproved for a used car loan?
Yes. We offer competitive rates for new and used cars. Check out our rates and terms.
What documents do I need for my auto loan preapproval application?
We will need to verify your name and address. We also need your Social Security number, employer information and the loan amount you are requesting. Once approved, the offer is good for 60 days.
How long is a preapproval good for?
An Emprise Bank auto loan preapproval is good for 60 days.
Does an auto loan preapproval affect my credit score?
Applying for an auto loan preapproval usually means a small, temporary dip in your credit score, because your credit report was pulled and reviewed by the lender.
How do I know how much car I can afford?
We have several helpful auto loan calculators to help you determine your total cost and payments:
A car payment calculator that breaks out your monthly payments based on the interest rate, term, taxes and your trade-in. You can also see how a larger down payment can help you pay off your loan faster.
A calculator to compare loan offers. It can help you determine if you should get your new vehicle loan from Emprise or from car dealers.