Get Preapproved for Loans

Experts suggest getting preapproved for loans before you go shopping. But what exactly does that mean?

When you get preapproved you complete a preliminary application for a loan. Lenders review your finances (including your credit) and decide whether or not they'd be willing to lend you any money.

The process is fairly painless, and it's a good way to get the ball rolling on any important purchase. You learn how much you can afford to spend, you see what the payments and interest costs are like, and you get negotiating power.

Learn more about getting preapproved and how you can do it.