Knowing more about your options is always a smart way to approach a vehicle purchase, and a valuable step that can inform your decisions is to see if you prequalify for financing.1
The prequalification process offers multiple benefits that could help you set your expectations, plan ahead and make your next move with greater confidence.
See how it might improve your car-shopping experience, below.
Reasons to prequalify
Explore your options
If you prequalify, it’s important to know that you aren’t guaranteed to get approval on a full financing application. However, you will gain a better idea of whether you’ll be approved. You will also find out what kind of terms you might receive including how much you can borrow, the monthly payment and the interest rate.
Chrysler Capital enables you to select the model and year of a Chrysler, Dodge, Jeep®, Ram or FIAT® vehicle you’re interested in so that you can learn more about your options for that particular car, truck or SUV.
Budget for a vehicle
With a successful prequalification, it becomes easier to shop for vehicles that you can afford and, if you need to, adjust your budget to accommodate your intended purchase. You may want to think about a down payment amount, the value of any trade-in vehicle you have or see how the estimated monthly payment fits into your budget. Use our finance calculators as you plan.2
There’s no impact on your credit score
Another advantage is that getting prequalified won’t affect your credit score. Why does that matter? Credit score, along with factors such as income and levels of debt, plays a significant part in most auto lending decisions. The higher your score, the better your chances of approval and the most favorable terms.
Whereas a full financing application involves a hard inquiry into your credit history that could dent your score, prequalification involves only a soft inquiry. So, even though we’ll look at your credit history as we decide on your prequalification request, you don’t have to worry.
It’s super quick
Besides setting you up with the sort of knowledge that can focus your vehicle shopping and budget, prequalification provides that information in a matter of minutes. The short Chrysler Capital form asks for just a few basic details and we deliver a response in as little as 30 seconds. Prequalified shoppers can then get ready for the dealership and visit with the terms they received in mind.
See if you prequalify
Take a couple of minutes now to find out if you prequalify for financing and, if you do, what your financing may look like for an FCA US vehicle. Simply enter your contact details, income, date of birth and Social Security number, select your preferred vehicle then read the disclosures to consent to our prequalification process.
1Prequalification is subject to approval. Final credit terms are subject to change based on submittal of a credit application at a participating dealer, which may impact your credit.
2The referenced calculator is meant for educational and illustrative purposes only. The calculator estimates monthly payments solely based on the information you provide. We do not guarantee the availability of the illustrated terms or your eligibility for any product referenced. The estimated monthly payments generated from the calculator do not constitute a finance offer.
The statements in this article are informational only and should not be construed as legal, financial, tax or other professional advice.
With 10 years of experience in auto finance, Rob Looker helps car shoppers find the right vehicles with the right financing so they can enjoy the road ahead. When he’s not creating content, he’s often behind the wheel, exploring new places.
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