What does it mean to be pre approved?

Asked by Misty Jan 20, 2020 at 08:04 PM

Question type: Shopping & Pricing

1 Answer

374,745

In theory it means you are approved to borrow up to a certain amount. If you see an ad that says you are preapproved it means nothing because you did not apply for a loan.

2 people found this helpful.

Your Answer:

Sell Your Car Yourself

With a simple, secure transaction.

CarGurus Experts

  • #1
    F_O_R
    Reputation
    32,350
  • #2
    Bob Beaman
    Reputation
    9,380
  • #3
    Paul
    Reputation
    7,200
View All

Know more, shop wisely

Search

Content submitted by Users is not endorsed by CarGurus, does not express the opinions of CarGurus, and should not be considered reviewed, screened, or approved by CarGurus. Please refer to CarGurus Terms of Use. Content will be removed if CarGurus becomes aware that it violates our policies.