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Auto loan question, pre approval
Posted on 8/10/16 at 4:32 pm
Posted on 8/10/16 at 4:32 pm
will be in the market soon and see a lot on here and other places saying to get pre-approved before you head to the dealer. On this, do you get pre-approved with the brand's financing company (like if you want a chevy, go to chevy's website and apply) or go to a third party provider and apply? what's the best method for this?
6
Posted on 8/10/16 at 4:48 pm to poochie
Would suggest credit union or some institute will low rates, probably a institute you are a member of. If you are in market for Toyota or pre-owned vehicle, email me (under my profile) and I will give you the usual tigerdroppings member discount
Posted on 8/10/16 at 4:53 pm to poochie
Does Capital One still do the "blank check" car buying thing?
When we bought our last vehicle (7 years ago) we did that, and we also did a pre-approveal through our credit union. Plus we also let the dealership (Car Max) try to finance us. The credit union won.
You may want to ask specifically to the dealer (when you find one) exactly what they will need. We were given on a Friday the paperwork by the credit union that they said was everything we needed. Went Saturday to buy the car and CarMax said no, they needed other documents. They held the car for us with a deposit and by 10 am Monday morning the Credit union faxed over the additional info, and was sure to tell us that CarMax was "crazy" for wanting it. Whatever, it worked out, but just be aware.
When we bought our last vehicle (7 years ago) we did that, and we also did a pre-approveal through our credit union. Plus we also let the dealership (Car Max) try to finance us. The credit union won.
You may want to ask specifically to the dealer (when you find one) exactly what they will need. We were given on a Friday the paperwork by the credit union that they said was everything we needed. Went Saturday to buy the car and CarMax said no, they needed other documents. They held the car for us with a deposit and by 10 am Monday morning the Credit union faxed over the additional info, and was sure to tell us that CarMax was "crazy" for wanting it. Whatever, it worked out, but just be aware.
Posted on 8/10/16 at 4:55 pm to poochie
Go to a local credit union.
Posted on 8/10/16 at 7:10 pm to The Spleen
When we bought my wife's new Honda CRV. I got pre approved with Wells Fargo. They overnighted the documents and a blank check w a spending limit.
I told the finance manager I would be paying with the pre approved WF check. He got pissed and said processing a WF check was very difficult and would take hours. I said you better get to work processing the WF check or get me a lower rate than WF. He beat WF rate by 0.02%
I told the finance manager I would be paying with the pre approved WF check. He got pissed and said processing a WF check was very difficult and would take hours. I said you better get to work processing the WF check or get me a lower rate than WF. He beat WF rate by 0.02%
Posted on 8/10/16 at 7:54 pm to LSUFanHouston
quote:
Does Capital One still do the "blank check" car buying thing?
No, just give pre-approval with up to certain amount (depends on LTV that most customers do not understand). When I bought my 1st truck, while in college, I got that and brought to dealer. If I would have stuck with CapOne, would have had a 6.9%, the dealer pulled me to beat it, and got 3.8% with ally
Posted on 8/10/16 at 9:16 pm to poochie
I've inly bought one car bout used usaa buying service to get pre-approved discount. Dealer seemed pissed they had to honor it
Posted on 8/12/16 at 10:12 am to DaBeerz
Any good online auto loan providers? Light stream?
Posted on 8/12/16 at 10:34 am to poochie
do you know your score? if it's above 680......no need to get pre-approved.
Posted on 8/12/16 at 10:43 am to oldcharlie8
We're both bumping 800.
Posted on 8/12/16 at 11:44 am to poochie
If I were you, I would do credit union pre-approval.
Posted on 8/12/16 at 11:47 am to poochie
then you're approved. nothing to worry about.
you will get the best interest rate available.
if they try to charge you 3.5 or more, you're getting fricked.
good luck
you will get the best interest rate available.
if they try to charge you 3.5 or more, you're getting fricked.
good luck
Posted on 8/13/16 at 5:20 am to oldcharlie8
With a credit score bumping 800 you should get 2.5 up to 72 months. As long as the LTV is not sky high. Not a bad idea to call a local credit union or get pre-approval with cap one.
Disclaimer: I am a Finance Director at a car dealership.
Disclaimer: I am a Finance Director at a car dealership.
This post was edited on 8/13/16 at 5:25 am
Posted on 8/13/16 at 8:00 am to oldcharlie8
quote:you have to weigh a higher rate against the rebates. figure out which is better over time. some captive finance companies have higher rates but a better rebate. I used to worry about the lowest rate but now i will usually take the rebate as i typically pay them off in a year to 18 months.
if they try to charge you 3.5 or more, you're getting fricked.
Posted on 8/13/16 at 9:18 am to poochie
If you go with the dealer, ask who the loan will be through, if US Bank, get it with someone else. US Bank's online and autopay system sucks.
Posted on 8/13/16 at 9:25 am to LSUSUPERSTAR
quote:only problem I have with the online system is that I have to enter my account and routing numbers every time. i don't do auto pay because I pay a different amount all the time.
If you go with the dealer, ask who the loan will be through, if US Bank, get it with someone else. US Bank's online and autopay system sucks.
Posted on 8/13/16 at 9:59 am to achenator
For them to change what account the autopay pulls from, you have to fill out a form, sign it and fax or mail it in. It's 2016 and the 7th largest bank in the US requires outdated ways of banking. I went online for my mortgage with Wells Fargo, updated info immediately. It took US Bank 10 business days to make a simple change. Just stupid.
Posted on 8/26/16 at 10:23 am to achenator
Ended up at Louisiana federal credit union. Got 1.99% for up to 72 months. Thanks for the advice.
Posted on 8/26/16 at 1:02 pm to poochie
They do have the best rates now. Just joining a credit union, then going indirect (not signing at dealer, getting check and all that) is not worth it for .5% apr in my opinion (unless you financing over $30k)
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