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Get Pre-Approval at Downtown Toyota

 

YOU’RE APPROVED…….in principle. Those are the words you hear (or read) when you apply for pre-approval for car finance. Essentially, car finance pre-approval is an approval from a registered lender that allows you to borrow a certain amount of money before you actually purchase the car. You don’t receive the money straight away; you must first purchase the car and then the money will be transferred.

At Downtown Toyota, we offer all types of car loans, from fixed-rate car loans to novated leases, and we also can do a pre-approval for a car loan, ensuring you know how much you can spend.

 

 

What is a Car Loan

So how exactly does a pre-approval work?

A pre-approval for a car loan works similar to that of any other type of personal finance approval process. Firstly, the buyer either approaches the bank or lender to apply for finance, or they use an online application form. 

Just like any other loan approval process, the bank or lender will need to do a thorough credit, employment, and financial check to ensure that you are able to make the repayments required. They may also require additional documentation to verify their identity.

The biggest difference between other loans and a pre-approval is the fact that the money is not available straight away. The application will be given conditional approval for a limited time for the borrower to find a vehicle and for all parties involved to come to an agreement. The time period for the conditional approval is at most a couple of weeks.

 

Given that not all lenders provide pre-approval for car loans, the requirements are a little more stringent, meaning that the credit and employment checks are a little more in-depth. Those who have bad credit, will most likely not get a pre-approval for a car loan because the liability for the bank or lender might be too high.

Is there a limit to how much a pre-approval car loan can be?

When it comes to limits on pre-approval car loans, there is a large difference between personal and business use. For personal car loans, the pre-approval limit ranges from $5,000 to $100,000. For a business vehicle, the limit ranges from $5,000 to $100,000.

 

Talk to Downtown Toyota today

 

Our finance specialists at Downtown Toyota can help you get the best deal so you can drive away in a new or used car today. With a pre-approval, we can work with you to help you turn that dream car into a reality. Contact Us today to get the process started.

 

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Finance & Insurance Location

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Downtown Toyota

Finance & Insurance

753 Wynnum Road
Morningside, QLD 4170

Phone
07 3896 0100
Fax
07 3399 6966

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Department Trading Hours

Monday
8:00 AM - 5:30 PM
Tuesday
8:00 AM - 5:30 PM
Wednesday
8:00 AM - 5:30 PM
Thursday
8:00 AM - 5:30 PM
Friday
8:00 AM - 5:30 PM
Saturday
8:00 AM - 4:00 PM
Closed Now
Sunday
Closed