What's the Big Difference Between Prequalification and Preapproval?
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Prequalification vs. Preapproval: What You Need to Know Before Financing a Used Semi or Reefer Trailer
Purchasing a semi truck or reefer trailer is an exciting step for any driver or business owner — but if you’re just starting out, the financing process can feel overwhelming. Our goal is to make it easier by breaking down each step so you can move forward with confidence.
If you’ve already found the perfect truck or trailer, congratulations! Now it’s time to make sure you’re financially ready. You’ve probably heard the terms prequalification and preapproval, and while they sound similar, they play very different roles in the buying process.
Understanding the difference between the two can save you time, stress, and surprises as you move toward ownership.
What’s the Difference — and Why Does It Matter?
Both prequalification and preapproval give you insight into your financing options, but they work differently, require different information, and carry different levels of certainty.
Before you get started, here’s what each term really means and how it impacts your purchase timeline.
- Prequalification gives you an idea of how much you could borrow, and it’s the first step. The best part is, it won’t affect your credit score!
- Preapproval is a promise from the lender to provide a definite loan amount after examining your financial situation.
How Quickly Can You Get Pre-Qualified for a Loan?
It takes only minutes! We use advanced technology to make the equipment buying process as quick and easy as possible. You can easily find out what kind of deal (down payment, rate, etc.) you qualify for by filling out our super short online form. It won’t affect your credit, and you can see your options in just 10 minutes!
What Happens After You Get Pre-Qualified?
Once you’re pre-qualified, we immediately match you with a lender who wants to finance your deal. From there, the lender reviews your real credit data and provides approximate details such as your down payment, loan term, and expected payment amount. If needed, we also explore additional financing opportunities to help you get the best setup for your business. Because Pedigree is affiliated with New Prime, Inc., we may share your information with them only when you give us consent.
After that, one of our salespeople reaches out to walk you through your options and answer your questions. Most importantly, we never share your information with any lender without your approval, and you never receive unwanted calls from finance companies.
Is It Necessary to Use Our Financing?
No, you don’t have to use our financing, but we strongly recommend it. First, we collaborate with over 30 banks to secure the best deal for you. Then our finance team navigates the loan process and fights to get you the strongest terms possible. When you find a deal you like, we submit your application to our banks for final loan approval. Our in-house Finance Experts stay with you every step of the way, simplifying the process and getting you on the road quickly.
In Conclusion
To sum it up, pre-qualification gets you started on your journey, while pre-approval puts you in the driver’s seat. When you start here, our Finance Experts take it from there and help turn your semi truck and reefer trailer dreams into reality.
Pre-Qualifying Vs. Pre-Approval at a Glance
This is my 10th unit purchase with Josh Parker. He has always been there to answer all my questions. Unit is Always ready when stated. Dalton and Will in the finance end has always delivered above expectations
Bradley Roberts
Red Rooster Express
Great inventory, great staff (andrew seiferd my sales rep) everyone very helpful and knowledgeable. Which made purchasing my trailer stress free. Great financing, quick and easy. I recommend highly.
Michael owens
emo2d llcmore
