Make enough major purchases and you’ll eventually learn that it’s always wise to enter a transaction with your own financing in place.

A Lending Tree post sings the praises of getting pre-approved for mortgages, but the lesson is equally applicable to car loans.

Pre-approval saves you from the potential frustration of discovering you can’t afford the purchase after you’ve already spent days preparing for it. The practice can also save you money, protecting you from getting battered by slick finance salespeople who can sucker you in to agreeing to hidden fees and a higher-than-expected cost. You can also use a pre-approved loan as negotiating leverage, daring the finance people to beat your terms and cut you a better deal.

What successes and failures have you experienced while negotiating loans?

A Home Buyer’s Story (Part 3): Getting Pre-Approved for a Home Loan [Lending Tree]

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.