Don't fall for the dealer finance ads that say "You're Approved"! Approved at whose terms ? The high interest rates charged will force you to pay double what the preowned vehicle originally was advertised at over the length of the loan term. If your finances can't handle a 7.5% interest rate, how can it at 29%? They are not looking to make money on the vehicle they are selling you. They're in it to make money on the high interest rates they will charge you. They will even increase the retail price of your next pre-owned vehicle if you choose not to finance. They're bankers not car dealers. I stand shoulder to shoulder with these same guys at the dealer auctions and purchase the best vehicles that I have researched days in advance. They don't, and the auto they purchase is just the Vehicle to finance you regardless of it's history. You are too smart to fall for their gimmicks and deceit, so run. This happens a lot and is the main reason that so many large used car stores have popped up in the last decade.
Our rates are usually lower than the banks and in most cases can be taken over 60 months to make the loan easier to service and not a burden on your finances. This pre-approval is only to see if this loan will work for you. There is no obligation to purchase a vehicle.
And while on the finance note, why do so many people shop for new cars when they only have enough money in their jeans for used? New car stores talk these folks into loans they can't afford. If a new vehicle is $30,000 and you have $15000 in hand, why not purchase a 5 year old vehicle and not incur debt. Vehicle dependability has improved so much in the past 10 years that pre-owned will give many years of dependability without the debt of a new car loan. The new vehicle honeymoon is long worn off before the full term of the loan and the payments have.