Posted: 1 Aug 2025, 5:37 pm Topic Author

Getting ready to buy in the next month and trying to decide whether to go with my bank's pre-approval or see what the dealer can offer. My bank pre-approved me at 6.2% for 60 months. I know dealers sometimes have promotional rates for well-qualified buyers on new cars, but I'm looking at used. I've also heard dealers can sometimes beat your pre-approval because they work with multiple lenders. The strategy I'm considering: bring the pre-approval letter, let the dealer try to beat it, but don't let them run my credit until we've agreed on price. Is this right?

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Exactly the right strategy. Get pre-approved, use it as leverage, let them try to beat it. Just compare APR, not monthly payment.

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If the dealer runs your credit with multiple lenders within 14 days, it counts as one hard inquiry. Don't be afraid to let them shop rates.

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