A car is not a purchase that members make annually, and even the most experienced shopper still has questions. At AmeriChoice, we want to make sure that our members have a better understanding of their finances. We’re happy to answer those questions, and we asked our AVP of Consumer Lending, Ryan Bray some of the most frequently asked auto loan questions so you don’t have to!
This is when a bank or Credit Union has approved you for an auto loan before you have picked out a vehicle to purchase.
A pre-approval can sometimes help with negotiating at the dealership.
GAP covers any amount borrowed beyond what the car is worth. So if a vehicle is a total loss the insurance company will only pay you what your car is worth which may not be enough to pay off what you borrowed. GAP covers the difference.
When in doubt always visit our website’s auto center, https://www.americhoice.org/products/loans/auto-buying/