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In SK, what should I know about rate hold / pre-approval validity for car loans?
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Car Loan Glossary • province

In SK, what should I know about rate hold / pre-approval validity for car loans?

In Saskatchewan, the validity period for a pre-approved car loan or a rate hold typically ranges from 30 to 90 days, though this timeframe is solely determined by the individual lender. This duration is critical as it locks in a specific interest rate, shielding you from potential rate increases while you search for a vehicle. Considering the anticipated economic conditions and potential interest rate fluctuations in Canada throughout 2025, securing a pre-approval with a decent validity period can offer significant financial predictability and budget stability. If your pre-approval expires before you complete your vehicle purchase, you would need to re-apply, which could lead to a new credit inquiry and potentially a different interest rate based on the prevailing market conditions and your updated credit profile. Therefore, it is essential to confirm the precise expiry date directly with your financial institution and strategically plan your car shopping to avoid any unexpected costs or delays.

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