What's the Big Difference Between Prequalification and Preapproval?
Table of Contents
Understanding the different between prequalification and preapproval is key when getting financing for a used semi or reefer trailer. Purchasing a semi truck and reefer trailer is an exciting journey. If you’re just starting out, it can feel overwhelming. We want to make the buying process easier for you, guiding you through each step.
If you’ve already found the perfect truck or reefer trailer, congratulations! You may have heard about the importance of getting pre-qualified and pre-approved for a loan. Understanding the difference between prequalification and preapproval is key during this process. But what do these terms really mean, and how are they different?
What's the Big Difference Between Prequalification and Preapproval?
- 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’ll match you with a lender willing to finance your deal. They’ll give you approximate details like down payment, loan term, and payment amount based on REAL credit data. We might also explore additional financing or leasing opportunities. Please note that Pedigree is affiliated with New Prime, Inc., and with your consent, we may share your information with them.
After you receive the potential terms of the deal, one of our salespeople will contact you to discuss your options. Remember, no information is shared with any lender without your approval, and you won’t receive unsolicited calls from finance companies.
Is It Necessary to Use Our Financing?
No, you’re not obliged to use our financing, but we strongly recommend it! We collaborate with over 30 banks to secure the best deal for you. Our finance team will navigate the loan process for you and fight for you to get the best deal possible. If you find a deal you like, we’ll submit your application to our banks for final approval on your loan. Our in-house Finance Experts will be with you every step of the way, making the process easy 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. Start here, and our Finance Experts will take it from there to make your semi truck and reefer trailer dreams a 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
