Why get a pre-approved vehicle loan?
Many factors are taken into account by the finance sources when deciding whether to lend money to a potential client.

Previous Credit History
This is the most important factor in deciding an interest rate. A high risk client will inevitably end up with a higher interest rate while somebody with an excellent rating on the major credit bureaus should be a lock for a bank interest rate. The lenders will also look at factors within the bureau score: New Credit? How long have current trades on bureau been active? How much credit does someone have? Can they service a new loan? Any recent late payment history? Trade lines maxed? Was the client Bankrupt in the past?

Stability
How long has a client been on the job? At the residence?

Income
What style of income does the client have; Employee with tax deductions, SelfEmployed, Sub-Contractor, How much verifiable income does the client make? The income you make versus the debt per month you presently have will dictate your Debt Service Ratio, which in turn will dictate how much per month the lender is willing to approve per month.

All these factors will decide how much buying power the consumer will have in the form of a monthly amount to spend. This will direct the consumer on which vehicles to look at, which model years best suit your approval for term, and in what price range you should start hunting. Consumers that are unsure of their credit or buying power, sub trades or self employed customers with convoluted income trails or Notice of Assessments and anyone who wants to be absolutely sure of price range to shop within are all candidates for a pre-approval. Take the guess work out of buying your next vehicle, shop pre-approved.