The first answer to why it’s a good idea to get pre-qualified before looking at vehicles to buy is a short one: it saves a lot of time.
At Wheel City Auto Finance Centers, a lot of customers come in after work before they pick their kids up from school or activities or day care. Sometimes they come in on their lunch break. In both cases, they start the process— but then they have to come back again.
However, if you were to get pre-approved ahead of scouting around, you would know what you qualify for, and what price or payment range you should look at.
It also means that our staff can immediately start showing cars that fit those price ranges. You can test drive and narrow you selection.
Pre-qualification really does save a tremendous amount of time.
Part of the pre-qualification process for the majority of our customers includes in-house financing. We don’t go through a third party. That means we don’t look at and focus on credit bureau scores in order to approve anyone for a vehicle loan.
We look at stability in the area you live in, time spent living in that area, time at your job, what type of payment you think you can handle—and we make sure you can afford that type of payment, that it makes sense for you.
We really do want you to get from A to Z through the process. We want you to be able to pay the car off. We also report timely payments to all the credit bureaus, so that you can work on building—or re-building—credit as you pay off your vehicle.
Although we look at a number of factors, stability and ability are two of the big ones.
It’s good to note here that not all in-house financing types of dealerships report payments to credit bureaus.
It’s more work to report to credit bureaus, there’s a lot of red tape, and it has to be done properly. We’ve been doing it for many, many years, and believe it helps our customers get back on their feet. That’s what we’re here to do—so that’s what we do.
Our reporting doesn’t require you to do anything but make your payments. We take care of the rest. We already have the processes and systems in place and have been approved through the bureaus to report payment histories. It’s all done and there’s nothing else for you to do.