If you are looking to get in that dream car right away, you may be looking into getting your loan conditionally approved. A conditionally approved loan can be a good way get an answer to your loan application.
A lender can give you conditional approval on your auto loan, which means you are approved if you meet certain conditions. The conditions usually include providing more documentation of income or other financial information.
Conditional Approval vs. Pre-Approval
People can get confused between conditional approval and pre-approval. They may sound similar, and they are, but they are not the same thing. Pre-approval is made by a loan officer and it is actually the step before conditional approval.
With conditional approval, you have gone through more of the process of securing the loan. Conditional approval involves a review by an underwriter, while a pre-approval is reviewed by a loan officer. The underwriter has more authority as they are the person who approves or denies the loan.
If you are looking to turn around your auto loan more quickly, a conditional approval may be the way to go. The conditional approval shows that you have moved further in the process toward getting approved for the loan.
Have more questions about auto loans? Reach out to us and we can help you out!