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Should I get pre-approved for a loan before I go shopping for a car?

Last Updated: October 09, 2009

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It is a good idea to get pre-approved for a loan before you begin shopping for a car. This means that you are approved by a financial institution to borrow a certain amount of money even if you haven't selected the exact car that you want to buy yet. Being pre-approved for a car loan may assist you in negotiating with the seller and can speed up the process of buying a new car.

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