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Posted in Auto Loans
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Chadp131

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Car financing length in months with a preapproval.
Say I get a pre-approval used auto loan in the amount 15,000 at 5 years. I walk into the dealer and negotiate the price down to 12,000. Would the loan be 12,000 at 5 years, or would lenders change the amount of months since I didn't use all of the money from the loan approval of 15,000?

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I had a pre-approval for up to $30,000 from my credit union and it was to be for 72 months.  The car I bought cost just under $23,000 and the loan is still for 72 months.  So, I'm making lower payments for the same time period.  That is generally what happens.

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