Buying or leasing a new Honda in Kahului is a big decision--and not just deciding which new car is going to be the right fit for you. Choosing what type of financing will be best, and how to go about it, is just as important as selecting a body style.
At Island Honda, we want to try to make auto financing as easy as possible. Today, we take a look at the differences between credit pre-approval and credit pre-qualification.
They may seem the same--but there are some big differences that you'll want to know about before you make your decision.
Pre-qualifying for credit is a fairly simple process and you don't need to divulge too much information. We won't run a credit report, so this is a good place to start if you're unsure about your credit score or if you don't have a strong credit history. You'll get a good estimate as what you might be able to afford, but it's not a solid offer.
When you apply for financing online, you're seeking credit pre-approval; official proof from a lender that you're qualified to borrow the kind of money you'd need to buy or lease a new car. This involves a credit check and some details about your career. It's more intensive that pre-qualifying, but it gives you a much more accurate look at your potential finances and what kind of loan offer you can expect.
Think about your monthly budget, your vehicle preferences, and whether you want to lease or buy. If you're still not sure, contact us online.
