Being pre-approved means you've actually been approved by a lender for a specific loan amount. ... Unlike getting pre-qualified, when getting pre-approved, you provide documented financial information (pay stubs, statements, obligations, credit report, etc.) to be reviewed and verified by the lender.

Does pre-approval mean you will get the loan?

Just because you're preapproved for a particular offer doesn't mean you'll get approved or get the best terms available. Shop around to verify you're getting the best loan for your particular situation.

How does pre-approved financing work?

Lenders will sometimes give preapproved car loans to borrowers who qualify for certain loan terms. This is approval for a loan on a conditional basis. The lender will approve an estimated amount of money and an estimated interest rate that the borrower can then take shopping with them.