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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.

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