Make an Appointment

What is a Loan Pre-Approval and Why is it a Good Idea?

November 10, 2023

Unlock Financial Assurance And Peace Of Mind

Getting pre-approved for a loan simply lets you know how much you can borrow and at what interest rate, so you can set a realistic budget for your purchase. Most often, this is done for a vehicle like a car, motorcycle, or ATV. However, pre-approvals can be done for most secured loans in general. Once an amount has been agreed upon, the pre-approval is typically good for 30 days.

Young man going over his finances at home.

Why Get Pre-Approved?​

A pre-approval provides greater peace of mind when you select a higher purchase price item such as a car and commit to that expense. Not only will having pre-approval help you know your budget, but it will also strengthen your negotiating position. A dealer may be willing to match or beat the offers you get to earn your business. 

Calculate Affordability At Home First

It's wise to start with what you can afford and not just what you want to purchase. Use this Auto Loan Affordability Calculator to play with different totals, rates, and terms so you know what each will cost. You can use this information when applying for your pre-approval.

Pre-approvals At First Source

  • Once you have considered everything you plan to purchase, a friendly Financial Service Representative will examine your loan options.

  • We can help you understand what you may or may not be able to afford.

  • If you can’t afford everything now, we can help you make a plan to save for future purchases.

  • Getting pre-approved puts more purchasing power in your hands when talking with a sales representative.

  • Finally, consider how much you can put down upfront to reduce your loan payments. If you’re unsure, we can help you with your budget.

Live Smarter

It’s smart to consider a pre-approval for many reasons. If you’re considering borrowing money to make a new purchase, our friendly Financial Service Representatives are here to help. Call us at 315-735-8571 to speak to one of our representatives or schedule an appointment online today.

Bring This Session To A Live Setting

If you would like to schedule our Community Educator for a seminar or workshop for any Financial Friday educational topic, please email your request to

Posted in: FinancialFriday

Let’s Get Started

We look forward to helping you.

Make an Appointment