Depending on your credit history, some lenders may pre-approve you for a loan amount which is higher or lower than the amount for which you originally applied.
- The lender pre-approved me for more than I applied for:
- If the lender pre-approves you for more than what you applied, the increased loan amount doesn’t necessarily mean you have to accept the full loan. Once you negotiate your vehicle’s final price, you may choose to only apply a part of your pre-approved loan amount toward your purchase. Your monthly payment will be recalculated based on the final loan amount needed.
- The lender pre-approved me for less than what I applied:
- There may be some instances where the lender does not pre-approve you for the full loan amount requested. In this case, you have the option to negotiate a lower price with the dealer or consider a less expensive vehicle.