Not all approved auto loans are created equal. When you are selected for an approved auto loan, make sure you understand what your full monthly payment will be, and look out for high penalties for late payments as well as prepayment penalties. An approved auto loan usually is granted to consumers who have a high credit rating and therefore offers beneficial terms, but try to obtain more than one quote for an approved auto loan so that you know you are getting the best deal. Dealers and manufacturers, as well as banks, are the best source for approved auto loans.