Is pre-approval the same as final loan approval?

No. Pre-approval is conditional; final approval comes after the lender verifies your income, identity and residence and reviews the specific vehicle, price and loan structure. Rates or terms can change if your information or the deal differs from what you applied with. Still, pre-approval gives you a realistic budget and a rate to compare against dealer financing. On OffLot, shoppers are invited to get pre-approved after making an offer, since pre-approved offers are more likely to be accepted.