{"id":260,"date":"2026-05-13T11:55:52","date_gmt":"2026-05-13T11:55:52","guid":{"rendered":"https:\/\/www.way.com\/auto-refinance\/guide\/?p=260"},"modified":"2026-05-13T11:56:53","modified_gmt":"2026-05-13T11:56:53","slug":"car-loan-pre-qualification","status":"publish","type":"post","link":"https:\/\/www.way.com\/auto-refinance\/guide\/car-loan-pre-qualification\/","title":{"rendered":"Should you pre-qualify for an auto loan?"},"content":{"rendered":"<p><i><span data-contrast=\"auto\">When you first start looking for a car loan,\u00a0you\u2019ll\u00a0see a lot of terms\u00a0like\u00a0Annual Percentage Rate (APR), pre-qualification, pre-approval,\u00a0amortization,\u00a0and more!\u00a0Out of these,\u00a0\u2018pre-qualification\u2019\u00a0is important to find out if\u00a0you\u2019ll\u00a0actually get the best rates for your budget.\u00a0It\u00a0gives you a good\u00a0indication\u00a0of what\u00a0type of loan is best for you.\u00a0<\/span><\/i><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/car-loan-pre-qualification\/#What_is_pre-qualification_for_a_car_loan\" >What is pre-qualification for a car loan?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/car-loan-pre-qualification\/#What_does_the_pre-qualification_process_involve\" >What does the pre-qualification process involve?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/car-loan-pre-qualification\/#What_is_the_difference_between_auto_loan_pre-qualification_and_pre-approval\" >What is the difference\u00a0between\u00a0auto loan pre-qualification and\u00a0pre-approval?\u00a0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/car-loan-pre-qualification\/#Auto_loan_pre-qualification\" >Auto loan pre-qualification\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/car-loan-pre-qualification\/#Auto_loan_pre-approval\" >Auto loan pre-approval\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/car-loan-pre-qualification\/#Reasons_to_apply_for_auto_loan_pre-qualification\" >Reasons to apply for auto loan pre-qualification\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/car-loan-pre-qualification\/#What_details_should_you_submit_to_pre-qualify_for_a_car_loan\" >What details should you\u00a0submit\u00a0to pre-qualify for a car loan?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/car-loan-pre-qualification\/#Where_can_I_get_pre-qualified_for_an_auto_loan\" >Where can I get pre-qualified for an auto loan?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/car-loan-pre-qualification\/#Final_thoughts\" >Final thoughts\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"What_is_pre-qualification_for_a_car_loan\"><\/span><span data-contrast=\"none\">What is pre-qualification for a car loan?<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b><span data-contrast=\"auto\">A pre-qualified car loan is a conditional offer put forward by auto lenders after a quick check of your overall financial position<\/span><\/b><span data-contrast=\"auto\">. Simply put, it uses the basic preliminary information from your side to assess whether you are loan-worthy and to estimate what types of rates will be best for you.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Pre-qualification is a nifty way to\u00a0determine\u00a0your\u00a0various options\u00a0before choosing one loan offer. It also gives you a better idea of your financial position without resorting to a hard credit pull.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">It\u2019s\u00a0always\u00a0best\u00a0to\u00a0shop\u00a0around\u00a0and\u00a0compare\u00a0a few pre-qualified\u00a0offers before applying for your\u00a0preferred one. This\u00a0helps you be\u00a0better\u00a0informed\u00a0and\u00a0helps you avoid\u00a0high APRs and monthly payments\u00a0in the long\u00a0run.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"What_does_the_pre-qualification_process_involve\"><\/span><span data-contrast=\"none\">What does the pre-qualification process involve?<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">Most lenders will request you to\u00a0submit\u00a0your basic details like name, annual income, monthly expenses, vehicle type, valuation, and registration number to pre-qualify for a car loan. Most lenders use a soft credit check to inform their car loan pre-qualification process. Some others use in-house financial experts to analyze a\u00a0person\u2019s\u00a0initial\u00a0risk profile.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Based on the soft credit pull, the lender will give you a tentative loan offer with an estimated APR. However, keep in mind that this is subject to change\u00a0later on\u00a0in the process. You will still have to apply formally and go through a hard credit check and financial vetting before a final offer is made.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"What_is_the_difference_between_auto_loan_pre-qualification_and_pre-approval\"><\/span><span data-contrast=\"none\">What is the difference\u00a0between\u00a0auto loan pre-qualification and\u00a0pre-approval?<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If pre-qualification is the starting point to buying a car, then pre-approval is a more comprehensive appraisal of your finances just before you buy a car.<\/p>\n<h3 aria-level=\"4\"><span class=\"ez-toc-section\" id=\"Auto_loan_pre-qualification\"><\/span><span data-contrast=\"none\">Auto loan pre-qualification<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:319,&quot;335559739&quot;:319}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">You should apply for\u00a0pre-qualification\u00a0when you have\u00a0no idea\u00a0about which lender to choose, what APR is good for you, and what you can afford. Pre-qualification using a soft credit pull will give you a tentative idea about the best rates you qualify for.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">It is done before shopping around for loans<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">It uses only preliminary information and is hence less\u00a0accurate<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Quicker than pre-approval for a car loan<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Requires only basic details like name, annual income, vehicle model,\u00a0etc<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Uses a soft credit check<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">You can pre-qualify with multiple lenders and then choose one later<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">The offer can change after a formal application<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<\/ul>\n<h3 aria-level=\"4\"><span class=\"ez-toc-section\" id=\"Auto_loan_pre-approval\"><\/span><span data-contrast=\"none\">Auto loan pre-approval<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:319,&quot;335559739&quot;:319}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">You should choose <\/span>pre-approval<span data-contrast=\"auto\">\u00a0when you have already made up your mind to buy or refinance a car. This will result in a much more detailed inquiry (hard credit pull) along with other verifiable information like income proof, proof of insurance, registration number, and more.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">It is to be done after deciding to buy a car and before formal application to the lender<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">It uses more detailed and verifiable information, hence is more\u00a0accurate<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Takes more time than pre-qualification<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Requires detailed information like Social Security Number, Credit Score, Proof of Insurance, Employment Type, and more<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Uses a hard credit pull<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Pre-approval is done after\u00a0you\u2019ve\u00a0chosen a lender<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">The offer can change after a formal application<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<\/ul>\n<h3 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Reasons_to_apply_for_auto_loan_pre-qualification\"><\/span><span data-contrast=\"none\">Reasons to apply for auto loan pre-qualification<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">Applying for pre-qualification with multiple lenders has the following benefits:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<ul>\n<li>You can\u00a0determine\u00a0if your credit is sufficient to get good APRs<\/li>\n<li>It allows you to skip dealership lending, which usually only gives you one option and one rate<\/li>\n<li>It gives you the upper hand when negotiating with other lenders (you have more choice)<\/li>\n<\/ul>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"What_details_should_you_submit_to_pre-qualify_for_a_car_loan\"><\/span><span data-contrast=\"none\">What details should you\u00a0submit\u00a0to pre-qualify for a car loan?<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">Lenders will typically ask you for some basic information like:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Identity details (name, contact number)<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Your\u00a0annual income<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Your type of employment<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Current debt situation<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<\/ul>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Where_can_I_get_pre-qualified_for_an_auto_loan\"><\/span><span data-contrast=\"none\">Where can I get pre-qualified for an auto loan?<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">While you can always reach out to banks and other financial institutions,\u00a0it\u2019s\u00a0easier to get pre-qualified offers when using lending platforms like\u00a0the\u00a0Way\u00a0app. With a network of trusted lenders across the country offering\u00a0both financing and refinancing, you can easily pre-qualify for\u00a0auto loans, check out their terms and conditions, and choose lenders who fit your budget.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_thoughts\"><\/span><span data-contrast=\"auto\">Final thoughts<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">Most lenders use a soft credit pull to assess if a borrower pre-qualifies for\u00a0an auto loan. Hence, it will not influence your credit score.\u00a0It\u2019s\u00a0always recommended to apply for pre-qualification with multiple auto lenders. You can compare several rates at the outset, go through the different terms and conditions, and choose a preferred lender. But you can be denied a car loan even after pre-approval if there are\u00a0irregularities in the details provided. Application errors, inconsistency in details, credit irregularities, and more can cause your lender\u00a0to reject your pre-approved application.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you first start looking for a car loan,\u00a0you\u2019ll\u00a0see a lot of terms\u00a0like\u00a0Annual Percentage Rate (APR), pre-qualification, pre-approval,\u00a0amortization,\u00a0and more!\u00a0Out of these,\u00a0\u2018pre-qualification\u2019\u00a0is important to find out if\u00a0you\u2019ll\u00a0actually get the best rates for your budget.\u00a0It\u00a0gives you a good\u00a0indication\u00a0of what\u00a0type of loan is best for you.\u00a0\u00a0 What is pre-qualification for a car loan?\u00a0 A pre-qualified car loan is&hellip; <a class=\"more-link\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/car-loan-pre-qualification\/\">Continue reading <span class=\"screen-reader-text\">Should you pre-qualify for an auto loan?<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":["post-260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-auto-refinance","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Should you pre-qualify for an auto loan? - auto refinance guides<\/title>\n<meta name=\"description\" content=\"Find out what car loan pre-qualification means, how it differs from preapproval, and how it helps you shop for a vehicle confidently.\" \/>\n<meta name=\"robots\" content=\"index, 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