Hyundai Finance Tips: Getting Pre-Approved

Before applying for a loan, it’s a smart idea to get approved. This is a process we can assist car buyers with at Blaise Alexander Hyundai of State College. Learn how it works and what our Hyundai finance center can do for you when purchasing a new or pre-owned vehicle.

What Is Pre-Approval?

A loan pre-approval is a process taken by lending institutions to determine a customer’s eligibility. To kickstart the process, the prospective borrower will need to submit basic financial information, such as proof of employment, payment stubs, and the previous year’s tax statements. In addition, the institution will run a soft credit inquiry to evaluate your credit history.

Will Pre-Approval Affect My Credit Score?

A common concern among customers is whether the credit inquiry will negatively impact their credit score. As mentioned, the lending institution will perform a soft credit pull. Unlike a hard credit inquiry, a soft credit pull will not impact your score.

How to Get Pre-Approved

Getting pre-approved can be done at our dealership. Visit our finance center and fill out a pre-approval application. Be sure to have proof-of-income documentation on hand, such as the aforementioned paperwork. If pre-approved, a dealer will explain the loan types you’re eligible for. Loan types may also vary depending on the specific car model and/or trim you plan to purchase.

It’s important to note that pre-approval doesn’t mean you’re automatically and formally approved. The next step is to submit a credit application. This will require a hard credit inquiry, which may have a minor impact on credit score.

Get Pre-Approved at Our Hyundai Dealership in State College, PA

While the loan approval process may seem complicated, our knowledgeable dealers take the guesswork out of it. Come by Blaise Alexander Hyundai of State College and get pre-approved on the same day!

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