Before the written quotes go out, many buyers arrange their own financing with a bank or credit union. The CFPB calls getting preapproved the first step (CFPB, Auto Loan Guide, March 2024).
Carwright is not a lender or a loan broker. We never see your credit application, and we do not arrange, recommend or compare loans.
Why the dealer's rate is negotiable
When a dealer arranges your loan, a lender quotes the dealer a buy rate. The rate you are offered may be higher, to compensate the dealer. The CFPB says plainly that dealers and lenders are not required to offer the best rates available (CFPB, January 30, 2024).
Not a floor. The rate to beat
No dealer has to match your pre-approval. The leverage is simpler: you can sign your credit union's loan and still buy the car at the written price. So the pre-approval is the dealer's rate to beat.
If the dealer's lender beats it on the same written terms, take the dealer's loan and let the pre-approval lapse. If not, sign your own lender's loan before its approval expires.
Three things kept separate
The price, the financing and the trade are three deals. The table says what Carwright does with each.
| Kept separate | What Carwright does with it |
|---|---|
| The price | Fixed in writing first. Every written quote that counts is a cash out-the-door price, itemized. The FTC's advice is to get it in writing before talking financing (FTC, July 2022). |
| The financing | Shown as its own line when a price depends on it, with the condition stated, so it never ranks ahead of a plain price. Carwright never asks for a credit document and never asks for your loan contract. The Florida Attorney General warns that an advertised low rate may require the sticker price (Florida Attorney General, Buying a New Car). |
| The trade | Settled with the dealer you pick after the written price stands on its own. A price that depends on a trade does not count. |
What comparable has to mean
The same APR or lower, the same term or shorter, the same amount financed, no add-ons, and no price condition. A lower payment on a longer term is not comparable. The CFPB's guidance is to compare the total cost of the loan (CFPB Auto Loan Guide, March 2024).
Manufacturer incentive rates on new cars are a different case. The FTC notes they are generally not negotiable and may depend on your credit history (FTC, July 2022).
The sentence to say
"I have financing arranged. I am open to your lender if your written rate and term beat it, after we agree the price."
Do not say your number until the finance office has put its own rate, term and amount financed in writing.
What Carwright does
The sheet you get when you pick a price carries the pre-approval line when your payment plan is anything but cash. Before you sign, the paperwork check reads the buyer's order line by line against the written quote. You compare the loan contract against your pre-approval yourself; Carwright never holds either. We do not advise on rates or lenders.