Get Pre-Qualified
For A Car Loan
Rainbow Motors is your home for affordable used car loans and financing.
Understanding Your Used Car Loan Options
Understanding your financing options can be tough when shopping for a used car, especially if your credit is less than ideal. Don’t worry: that’s where the Rainbow Motors pre-approval process comes in. We can help you get pre-qualified for a variety of amazing used vehicles that fit within your budget so you can shop with confidence and avoid disappointment.
Trust The Pre-Approval Process
Start shopping for your next car with a pre-determined budget in mind. Here is how our pre-approval process works:
1. Determine A Budget
We start with a pre-approval process to determine your best rates and terms. This will help us set a realistic budget and find vehicles that fit within it.
2. Pick A Car, Any Car
Once we know how much our lenders will approve, we’ll present you with a range of vehicle options that align with your needs and budget.
3. Drive Away Happy
After you’ve decided on the vehicle you’re most in love with, we’ll schedule a vehicle delivery, or you can pick up your new wheels from the Rainbow Motors lot.
Get More Options When You Trade In Your Current Vehicle
Make your budget stretch further when you trade in your used car at Rainbow Motor Sales. We’ll provide a fair vehicle valuation and use it as a downpayment on your next new-to-you ride. Skip the hassle of selling your car privately—Rainbow Motors is your one-stop used car dealership!
Car Loan Pre-Approval
Frequently Asked Questions
Can I get pre-approved with bad credit?
Yes, many lenders offer pre-approval for individuals with less-than-perfect credit. The loan amount and interest rate you qualify for can vary based on your credit score.
Does pre-approval affect my credit score?
Applying for pre-approval typically results in a hard credit inquiry, which may cause a small, temporary dip in your credit score. However, multiple inquiries within a short period (14-45 days) are usually treated as a single inquiry if you're rate-shopping for a car loan.
How long does pre-approval take?
Most pre-approvals are processed quickly, often within a few minutes to a few hours. Some lenders may take up to 1-2 business days for more detailed reviews.
How long is pre-approval valid?
Pre-approvals are typically valid for 30-60 days, depending on the lender. This gives you time to shop for a car without needing to reapply!
Am I obligated to use the loan after pre-approval?
Not at all! Pre-approval doesn’t commit you to using the loan or buying a vehicle. It simply gives you a clearer understanding of your financing options.
What happens if I don’t find a car within the pre-approval validity period?
If your pre-approval expires, you can reapply with the same or a different lender. Keep in mind that rates and terms may change.
Get Approved First With Rainbow Motor Sales
Financing a new vehicle shouldn’t be a guessing game. Here at Rainbow Motors, we’ve seen all too often the letdown that comes when customers with less-than-ideal credit get unexpectedly rejected by lenders. With our finance-first approval process, we’ll have you driving away happy in no time! For more information about our pre-approval process, trading in your vehicle, low-credit car loans or rebuilding your credit, don’t hesitate to contact us! Our finance department is always on standby to answer your questions.
