WOMAN: Navy Federal Credit Union.
Auto loans. Get preapproved. Shopping for a car can be exciting.
But you have to know how much you can afford.
[CASH REGISTER BELL]
To make the car-buying process better for you, get preapproved before you begin. What does that mean? You apply for a loan before you start shopping for a car.
And the lender tells you ahead of time how much you can borrow. Preapproval is based primarily on two things-- your credit history and how much debt you have compared to how much money you make. With preapproval, you know which cars you can afford before you buy. So you can stick to your budget. You'll already know what your payment will be, and you'll know ahead of time if you have any credit issues.
The salesperson might say that you could afford it, but with preapproval, you'll know for sure.
When you get preapproved, you'll be in a stronger bargaining position because you'll be negotiating as if you were buying with cash.
That's good because you can concentrate on getting the right car at the right price.
Now that you know what you can spend, have fun car shopping.
Car drives off and leaves smiley faces in its wake.
Our members are the mission. For more information, visit makingcents.navyfederal.org. This video is intended to provide general information and shouldn't be considered legal, tax, or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.
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