There's no two ways about it. Purchasing a vehicle is not for the faint of heart. Between finding the car that is within your needs and budget, haggling with the sales team, and either navigating the finance department or working with your loan officer - it's a lot of work.

We're here to tell you that there is an easier way. It's called loan pre-approval. By taking a look at your estimated interest rate and your preferred loan payment amount - our loan officers will help you take the hassle out of the search. Here's how.

1. You’ll know what you can afford

Having this information in hand will simplify your search. It will also help you avoid disappointment later. Be sure to calculate other monthly costs, such as property taxes, home insurance and increased auto insurance rates when determining the amount of money you’ll need to shell out each month.

2. Don’t get taken for a ride

When you’re unsure about how much you can spend on a car, the dealer will capitalize on your uncertainty by trying to sell you a car that barely skims the maximum amount you’ve told them you can afford.

They may also focus only on a monthly amount you can afford. They’ll then try to inflate the payment with unnecessary charges and fees only because they fit within your named payment amount.

In contrast, when you tell the dealer you're preapproved, they will have to show you cars with price tags that fit within your loan amount.

3. Be taken seriously

A car dealer will take you more seriously when you walk in with a preapproval. Having that information in hand shows you’re ready to buy. They’ll also give you better service since you’re showing that you’re serious about buying.

4. Know you have financing you can trust

When you show up at the car dealership with a preapproval from Archer Credit Union, you know the deal is in your best interest. Many dealers have access to several financing options and they’re almost always going to offer you options that are in their own wallet’s best interests.

5. Purchase your dream home

A preapproval helps you stand out from the pack. If you’re house-hunting in a competitive market, having your preapproval will give you a leg up on bidding wars. A seller will be more eager to work with someone who’s already started the mortgage process.

In the market for a new car? Don’t forget to call or stop by Archer Credit Union to hear about our fantastic rates on auto loans!