← Full glossary
FINANCE
Pre-Approval (Outside Financing)
A loan offer from your bank or credit union BEFORE you visit the dealer. Game-changer.
// Why it matters
A pre-approval is a written commitment from a lender (your bank, credit union, or service like Capital One Auto Navigator) for a specific loan amount at a specific rate. Walking into the dealer pre-approved means: (1) you know your real budget, (2) the dealer can't inflate your APR via finance reserve, and (3) you have leverage — the dealer must beat your rate to keep the financing in-house. Always pre-approve before shopping.
// Related terms
Skip the glossary entirely.
Motrix's AI agents know every term on this page and use them against the dealer on your behalf. $0 today, $399 only when your deal closes.
Start a deal — $0 until you sign →