Quote:
Originally Posted by Amok
That's true, except that you don't need to get preapproved. I mean it's a good idea, but not all dealers require it. Mainly because that approval will expire before you even get the car. I ordered the car at MSRP with a down payment and no credit check.
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Getting pre approved is something you should do before you walk in the door. The expiration won't hurt your credit if it's not rejected outright.
When you have the money lined up you hold the cards. When you just walk in and let them run your credit.. they have the cards.
Just my 2c. Read some threads on the experiances before you pull the trigger.
Basics would be.
1. Pull your 3 and 1 credit plus FICO. Fix any errors. If credit good then goto 2 if bad then fix with older POS purchases.
2. Set budget, payments and amount and select a car. Once that's done go to 3. This includes insurance quote and calculation in your tco.
3. Get pre approved at a credit union or other finance.
4. Shop and lay our your terms of what car and how much and that it will have no hidden or unapproved charges and no dealer sticker on the back.
Remember the car's TCO when you do your budget. This is total cost of ownership.