Car Loan Pre-Approval in 24 Hours
Know your budget, negotiate better, and buy with confidence. Get conditional approval from 60+ lenders before you even look at cars.
Get Your Free Quote
Compare 60+ lenders in 2 minutes
By submitting this form, you agree to our Privacy Policy and Terms of Service.
What is Car Loan Pre-Approval?
Car loan pre-approval is conditional approval for financing before you've chosen a specific vehicle. It's a commitment from a lender saying "we'll lend you up to $X at Y% interest rate, subject to the vehicle meeting our criteria."
Think of it as a pre-approved budget for your car shopping. Instead of falling in love with a car, making an offer, then scrambling to get finance approved (and potentially being rejected), you shop knowing exactly what you can afford and with guaranteed financing in hand.
Pre-approval transforms you from a "potential buyer pending finance" into a cash buyer with money ready to go. Dealerships and private sellers take you much more seriously when you have pre-approval - because they know the deal won't fall through due to finance issues.
The process involves submitting a full loan application and providing all necessary documentation (payslips, bank statements, ID, etc). Lenders assess your borrowing capacity, run credit checks, and issue conditional approval typically within 24-48 hours. Your approval is valid for 90 days, giving you plenty of time to shop.
Once you find a car, you provide the vehicle details (VIN, registration, sale price) to your lender. They conduct a valuation to ensure the car is worth what you're paying and meets their lending criteria (age, condition, etc). If everything checks out, they convert your pre-approval into full approval and settlement proceeds within 3-5 business days.
6 Reasons to Get Pre-Approved
Shopping for a car without pre-approval is like going to an auction without knowing how much money you have.
Know Your Exact Budget
Shop with confidence knowing exactly how much you can borrow. Avoid falling in love with cars you can't afford or settling for less than you deserve.
Stronger Negotiating Power
Walk into dealerships as a cash buyer with guaranteed financing. Dealers take pre-approved buyers more seriously and are more willing to negotiate on price.
Faster Purchase Process
Once you find the right car, settlement is quick. Pre-approval means most paperwork is done - you can drive away in days, not weeks.
Rate Lock Protection
Lock in your interest rate for 90 days. If rates rise while you're shopping, you're protected. If they fall, we can often adjust down.
No Obligation to Buy
Pre-approval doesn't commit you to anything. Shop at your own pace, and only proceed when you find the perfect vehicle.
Builds Your Credit Profile
Pre-approval shows lenders you're a serious buyer. It can actually help your credit score by showing financial responsibility and planning.
Get Pre-Approved in 24 Hours
One application, 60+ lenders. Find out what you can borrow and shop with confidence.
How Pre-Approval Works
Submit Your Application
5 minutesComplete our simple 5-minute online form. We'll ask about your income, expenses, employment, and the type of car you're looking for. No need to find a specific vehicle yet.
We Compare 60+ Lenders
1-2 hoursOur system automatically shops your application across our entire lender panel - major banks, credit unions, and specialist car finance providers. We match you with lenders who approve your profile.
Receive Your Pre-Approval
24-48 hoursGet conditional approval for a specific loan amount, interest rate, and loan term. Your pre-approval letter shows dealers you're a serious buyer with guaranteed finance.
Shop for Your Perfect Car
Take your timeBrowse dealerships, private sellers, or online marketplaces with confidence. You know exactly what you can afford and have finance ready to go.
Final Approval & Settlement
3-5 business daysOnce you find a car, we submit vehicle details to your lender for final approval. They'll value the car and confirm it meets their criteria. Settlement typically takes 3-5 business days.
Pre-Approval vs Full Approval
Understanding the difference helps you plan your purchase timeline.
What You Need for Pre-Approval
To get pre-approved, you'll need to provide documentation that proves your identity, income, and financial position. Having these ready speeds up the process significantly:
Don't have all these documents? No problem. We can often work with limited documentation for self-employed applicants or those with non-traditional income sources. Let us know your situation when you apply.
Why Get Pre-Approved Through Kreddi?
Compare 60+ Lenders Automatically
Instead of applying to each lender individually (which hurts your credit score), submit one application with Kreddi and we'll shop it to our entire panel. We include major banks (ANZ, CBA, NAB, Westpac), credit unions, and specialist finance providers. More lenders means better rates and higher approval chances.
Pre-Approval for Bad Credit
Traditional banks often auto-decline pre-approval requests from customers with past credit issues. We work with specialist non-bank lenders who assess your current financial situation, not just your credit score. Defaults, late payments, or previous bankruptcies don't automatically disqualify you.
100% Free Service
We don't charge you anything - not for pre-approval applications, not for comparing lenders, not for ongoing support. Lenders pay us a commission when your loan settles, which means you get expert broker service at zero cost. No upfront fees, no application fees, no hidden charges.
24-Hour Turnaround
We specialize in fast pre-approvals. Most customers receive conditional approval within 24-48 hours. In urgent situations, same-day pre-approval is possible. Our streamlined process and strong lender relationships mean you spend less time waiting and more time shopping for your perfect car.
Frequently Asked Questions
Pre-approvals typically last 90 days (3 months). This gives you plenty of time to shop for the perfect vehicle. If your pre-approval expires before you find a car, you can easily reapply. Your rate may be adjusted if market conditions have changed, but the process is much faster the second time around.
Pre-approval is conditional approval based on the information you've provided. Final approval depends on the vehicle meeting the lender's criteria (age, condition, valuation) and your circumstances remaining the same. Most pre-approvals convert to full approval without issues, but there are some scenarios where final approval might be declined - such as the car being too old, damaged, or valued significantly lower than the purchase price.
At Kreddi, we can do an initial assessment with a soft credit check that doesn't affect your credit score. Once you decide to proceed with formal pre-approval, a hard credit inquiry is required, which may temporarily lower your score by 5-10 points. However, multiple inquiries within a 14-day period count as a single inquiry, so shopping around doesn't hurt you.
Yes. We work with specialist lenders who offer pre-approval to customers with poor credit histories, defaults, bankruptcies, and other credit challenges. Your pre-approval amount might be lower, and the interest rate higher, but pre-approval is definitely possible. Being pre-approved actually helps your case when negotiating with private sellers who might be wary of buyers with credit issues.
No deposit is required for pre-approval itself. However, your pre-approval may specify a minimum deposit requirement (usually 10-20% for standard loans). If you don't have a deposit, we can match you with 100% finance lenders who don't require any deposit. Just let us know your situation when applying.
Absolutely. Our pre-approval covers both dealership and private sale purchases. When buying privately, lenders will require an independent valuation of the vehicle before final approval (usually costs $150-300). Make sure any private vehicle has clear title (no money owing) and passes a mechanical inspection.
No problem at all. If you're pre-approved for $40,000 but find a great car for $30,000, you simply borrow less. Your lender will adjust the loan amount down, which means lower repayments and less interest paid. You can't borrow more than your pre-approval, but you can always borrow less.
Pre-qualification is an informal estimate based on basic information you provide, with no credit check or lender commitment. Pre-approval is a formal assessment where lenders review your actual financial documents, run credit checks, and issue a conditional approval with a specific rate and amount. Pre-approval carries much more weight when negotiating with sellers.
Ready to Get Pre-Approved?
Apply in 5 minutes and know your budget in 24 hours. No obligation, no fees.