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Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of P
Pre-Approved Loan
A loan the lender issues to the borrower "before" buying a home or automobile. These loans are usually valid for a limited time only, such as 30 days from the loan approval date. Pre-approved only means that a potential customer has passed a preliminary credit information screening. Neither a pre-approved nor a pre-qualified are seen as absolute loan commitments. To give yourself the negotiating advantage at the car dealership, always get a pre-approved loan. Have a pre-approved loan check draft with you when you walk into the car dealership. Having a pre-approved loan gives you the negotiating power of a cash buyer who the dealer views as ready to buy the right auto at the right price. Car dealers make approximately half of their money through financing for the vehicles they sell.
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