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San Diego enjoys warm, sunny weather year round with an average daily temperature of 70 degrees. If you're looking to head outdoors, there's no better experience than cruising San Diego's 59-mile scenic drive, where you'll glimpse panoramic views of the coastline and city skyline. But you can't enjoy this beautiful view without a set of wheels.
Getting preapproved for a San Diego auto loan quickly puts you behind a new set of wheels. Although San Diego has a metropolitan transit system that includes bus, trolley and light rail, you might prefer traveling on your own schedule. Fortunately, financing a new car is more affordable than you think, especially when you work with a local San Diego lender.
Learn: The Best Way to Pay Off Your Car Loan Early
Benefits of Getting Preapproved for San Diego Car Loans
Some car buyers don't think about auto loan financing until after they've sat down with a car salesman at the dealership. Waiting too long to secure a car loan, however, might lead you to finance a car through a dealership, where you can get stuck with an unfavorable interest rate and loan agreement. Here's why you should get preapproved for your next San Diego car loan.
Preapproval Helps You Save Money
Getting preapproved for an auto loan before looking at cars for sale in San Diego can save you a lot of money. "Going car shopping preapproved for an auto loan gives you the upper hand," said Liz Schrock, vice president of consumer lending operations at Mission Fed, a San Diego credit union. "You will know what amount you are approved for, as well as the interest rate and term you are qualified for. Having these details up front will help you avoid shopping for a car that is outside of your price range.
If you shop exclusively with a preapproved loan, you also set a hard budget on your car purchase. "It’s easy to get caught up in the moment and exceed your budget when you’re shopping for a car," she added.
Preapproval Gives You More Negotiating Power
Meanwhile, a preapproval ups your negotiating power while giving you the opportunity to compare rates from local lenders and dealerships. Mission Fed, for example, offers San Diego auto loans starting at 1.49% APR for 2008 models and newer, a competitive option compared to rates at many dealerships.
Rather than sitting down with a salesperson and trying to figure out the most affordable loan terms and interest rate, a preapproval allows you to focus all of your attention on the actual sale price of a car. Since you're already preapproved, dealerships know they have a deal as long as they can offer you a car within your budget.
Read: 5 Things You Never Knew About Auto Loan Rates
Get More Car Features With a Low Loan Rate
Your auto loan rate plays a role in the total amount paid on your car. The lower your interest rate, the cheaper your payments and the less you'll pay in interest over the life of your loan. Qualifying for a low-rate auto loan then increases your purchasing power, making it possible to afford a slightly more expensive car. Between the ability to negotiate a lower total cost and paying less in interest, low-rate financing is one of the easiest ways to afford a car with features like:
1. Car WiFi
You can access the internet in hotels, restaurants and on flights, so it only makes sense to stay connected while in your car. Starting with 2015 models, GM introduced WiFi with 4G LTE connection for select vehicles. Customers can choose between flexible data plans, which include monthly plans and one-time purchases.
2. Blind-Spot Monitoring
Depending on the size of your vehicle, you might not always have a clear view of cars driving to your right or left, especially in the spot right over your shoulder. If you're unaware of a car driving in your blind spot, you risk switching lanes and causing a collision. Blind-spot monitoring is a sweet little perk that keeps track of activity in the lanes to your right and left. Your car will send an alert whenever a vehicle enters your blind spot.
3. Rearview Camera
50 children are backed over every week in the U.S., according to KidsandCars.org, and over 60 percent of these accidents involve a larger vehicle. With a rearview camera, the moment you put your car in reverse, a picture of what's behind you pops up on a screen on the dashboard, allowing you to safely back up.
4. Heating and Cooling Seats
Getting into a freezing or hot car can be agonizing. Even with the air conditioning or heater on full blast, it can take a while for a car to reach an ideal indoor temperature. Car seat heaters and coolers provide quick relief and can do a great job of making you comfortable on an otherwise unpleasant day.
5. Bluetooth Technology
With Bluetooth, you can operate your mobile phone while keeping both hands on the wheel. Use Bluetooth to answer a phone call, send an email or scroll through your contacts. You can also use Bluetooth to stream music from your smartphone.
Read: How to Get the Best Auto Loan Rates When You Have No Credit
Don't think you can only get car financing through a dealership. Get a free rate quote from your personal bank or credit union first and then get preapproval. A preapproval provides more negotiating power on the showroom floor and helps you secure financing that allows you to pay off your car faster.
This article originally appeared on GOBankingRates.com: How to Use a San Diego Car Loan to Get Car WiFi and Other Modern Car Perks