Shopping for a new car can be a stressful experience. Not only are there a vast array of options to choose from, but you also need to make sure you have the right financing to cover the cost of the car. Many people look for a car first and then attempt to get the loan they need. However, it can be more helpful to get prequalified before you shop for a car so you know just how much you have to spend.
Know What You Can Spend
Dealing with the bank can be difficult, especially if you’re in the early stages of searching for a car. You want to know how much you have to spend, yet the bank wants to know how much you need for your loan, putting you in an endless circle. You may fall in love with a car you can’t afford or may find the bank won’t lend you enough to get the car you want. However, you can take the stress out of car shopping with a blank check loan, such as the PNC check ready auto loan.
What Is a Blank Check Auto Loan?
With this new type of loan, the lender gives you a check without the amount filled in. First, you need to qualify for the loan by applying as you would for any other loan. The bank staff will evaluate how much you can afford and approve you for a loan in the maximum amount for which you qualify. You are then free to shop for any car you want as long as it falls below the maximum approved amount. You fill in the amount when you’re ready to buy, taking some of the stress out of the buying process.
What Are the Advantages?
There are many advantages of blank check auto loans. For starters, you don’t have to find a car you want to buy before you deal with the bank. It also gives you flexibility in the car you purchase, as well as bargaining power with the car dealer. You may be able to reduce the cost of the car by presenting the option of immediate payment. You are free to concentrate on the total price of the car, rather than worrying about how much your monthly payment will be, how long your loan may last and what interest rate you qualify for. You already know these important factors.
When you’re preparing to shop for a new car, a blank check loan can help you take the stress out of car shopping. You will know how much you qualify for before you even start shopping for that new car, giving you room to negotiate and allowing you to focus on what’s more important: getting the car you want at a price you can afford.
