Editor's choice: Carvana
- Most credit types welcome
- 45-day preapproval
- Seven-day guarantee
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|Lender||How long preapproval lasts||APR||Terms||Eligibility|
|myAutoloan.com||Varies by lender||1.79%||to||550+ credit score, no open bankruptcies, $24,000+ annual income, US citizen or permanent resident, 18+ years old|
|LendingTree||Varies by lender||3.09%||1 year to 7 years||18+ years old, good to excellent credit, US citizen|
|Navy Federal Credit Union||60 days||1.79%||15 years||Credit union member, US citizen or permanent resident, have age of majority.||Read review|
|Bank of America||30 days||2.39%||1 year to 6.25 years||Ages 18+, US citizen or permanent resident, buying eligible vehicle||Read review|
|Capital One||30 days||3.24%||3 years to 6 years||Valid street address, existing Capital One account in good standing, buying 2009 model or newer with less than 120,000 miles||Read review|
|USAA||45 days||2.89%||1 year to 7 years||USAA member, US citizen or permanent resident, ages 18+||Read review|
|CarFinance.com||30 days||4.99%||6 years||Age 18 years or older, credit score 500+, to refinance loan car must have less than 100,000 miles, no more than eight years old and loan balance must be $7,500+||Read review|
With car loans, preapproval works by allowing you to lock in the rates and terms on a car loan before heading to the dealership. It draws out period between getting approved for a car loan and signing the loan documents.
Unlike preapproval on other types of loans, auto loan preapproval typically requires a full application, documents and a hard credit check.
Consider these four tips before you submit a preapproval application:
It depends on your situation. You might want to get preapproved for one of the following reasons:
When it comes to car loans, preapproval is technically not the same as prequalifying — though some lenders might use the two term to refer to the same process.
You can apply for an auto loan online, in person or over the phone, depending on your lender.
After you get preapproved for a car loan, most lenders allow you to shop around for around 30 days to find the right car. Some might offer preapproval for as long as 60 days.
Once preapproved, lenders typically give you a check that you can use to buy a car at a dealership or with a private party. You aren’t obligated to sign off on the loan if you decide to go with another lender or not make the purchase at all.
Getting preapproved for a car loan can be helpful for buyers who want to negotiate with a dealer or are willing to shop around for a car. But since not all lenders offer preapproval on their car loans, it could limit your options. Check out our guide to car loans to ensure you’re making the right moves when buying your next car.
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