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What Pre-Approval Actually Means
A pre-approval is a conditional green light from a lender that shows how much you can borrow and what your repayments might look like. It’s not a final approval, but it’s close. You’ll know your budget, interest rate range and loan type upfront.
Why It Matters
Pre-approval gives you real buying power. You can negotiate harder, shop with confidence and act fast if the right car comes up. You’ll also avoid disappointment if a dealer sells to someone with ready finance while your application is still pending.
It also gives you time to compare rates properly instead of feeling rushed to accept whatever the dealership offers.
Common Myths About Pre-Approvals
- Myth: It locks me in with one lender.
Truth: A broker can secure pre-approvals with flexibility so you’re not stuck. - Myth: It hurts my credit score.
Truth: When done correctly, it won’t impact your score negatively. - Myth: It’s only for people with perfect credit.
Truth: It’s for anyone who wants clarity before committing.
How Hanna Lending Makes It Easy
At Hanna Lending, we handle the pre-approval process for you. We compare multiple lenders, handle the paperwork and make sure your credit file stays clean. You’ll get a clear idea of what you can afford and what repayments look like before stepping foot on a lot.
Get pre-approved today with Hanna Lending and shop with confidence.
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