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Getting pre-approved financing for a car loan - what steps to take?
Posted on 7/27/15 at 8:05 pm
Posted on 7/27/15 at 8:05 pm
I've got about $5k in liquid cash to put down. I'm planning on selling a vehicle, expecting to get around $13k for it (it's paid off). However, I cannot sell it until after I get the new vehicle (I'm not trading it in), and will not be able to put that money towards the loan until the loan has been established. The vehicle I'm planning to get will be around $25-$30k out the door.
I've got an 828 credit score. Where do I start in getting pre-approved? Where do I go, how much should I look to get approved for and for what rate?
This is all assuming I cannot finance through the dealership for 0%.
I've got an 828 credit score. Where do I start in getting pre-approved? Where do I go, how much should I look to get approved for and for what rate?
This is all assuming I cannot finance through the dealership for 0%.
This post was edited on 7/27/15 at 8:08 pm
4
Posted on 7/27/15 at 8:13 pm to meeple
Penfed.org
You may have to get a loan for the full amount and refinance it after you get the funds from selling your current car
Penfed or your local credit union is the best place to start
I have one car with penfed and one with neighbors cu, both are great
You may have to get a loan for the full amount and refinance it after you get the funds from selling your current car
Penfed or your local credit union is the best place to start
I have one car with penfed and one with neighbors cu, both are great
Posted on 7/27/15 at 8:14 pm to meeple
quote:
Where do I start in getting pre-approved?
Penfed.com
quote:
Where do I go
Penfed.com
quote:
how much should I look to get approved for and for what rate?
Penfed.com's best rate and the most you want to spend.
quote:
This is all assuming I cannot finance through the dealership for 0%
9 times out of 10, 0% financing excludes you from better deals when "paying with cash" (external financing). Go to Will Cover's buying guide
Posted on 7/27/15 at 8:39 pm to GenesChin
I'll check out penfed.
Regarding the specifics of acquiring the loan and purchasing the car, do they cut a check prior to us going to the dealership to negotiate? Or do I get pre-approved, agree on a price with the dealer, and then when I'm taken to the financing department I tell them that I have to physically leave and return with two checks... one from me and one from the bank/penfed/CU?
Reference this from The Will Cover thread:
Regarding the specifics of acquiring the loan and purchasing the car, do they cut a check prior to us going to the dealership to negotiate? Or do I get pre-approved, agree on a price with the dealer, and then when I'm taken to the financing department I tell them that I have to physically leave and return with two checks... one from me and one from the bank/penfed/CU?
Reference this from The Will Cover thread:
quote:
had only $10K, wanted $25K car, got approved at chase for $15K, found the car for $22K, Chase cut a check for $12K and I picked up the car.
Posted on 7/27/15 at 9:03 pm to meeple
Check your pulse
Posted on 7/27/15 at 10:11 pm to meeple
quote:
do they cut a check prior to us going to the dealership to negotiate?
They essentially gave me a blank check I had to fill out and gave me a $ amount I had to stick to. You give them car pin # and other info that gives them a heads up on what type of car you are buying
Also, the dealer typically will shop around for/with you once you indicate you are looking around.
Posted on 7/27/15 at 11:04 pm to GenesChin
What vehicle are you purchasing? Can tell you if they offer 0%
Posted on 7/28/15 at 8:50 am to meeple
Penfed is the way to go.
You could go to a local credit union. The last car I bought, I called the credit union, talked to them about five minutes and they told me to come pick up a check. It was a blank check so essentially I was a cash buyer.
Im about 100 points under you on credit score. You will have the same options.
You could go to a local credit union. The last car I bought, I called the credit union, talked to them about five minutes and they told me to come pick up a check. It was a blank check so essentially I was a cash buyer.
Im about 100 points under you on credit score. You will have the same options.
Posted on 7/28/15 at 9:14 am to meeple
quote:
This is all assuming I cannot finance through the dealership for 0%.
Just because its advertised as 0%, does not mean its 0%. You're paying for it somewhere.
Posted on 7/28/15 at 10:23 am to Coach Guidry
Another vote for Penfed.org
Easy to work with. I negotiated with the dealer and they assumed I would finance with them all the while I had a blank check from Penfed (with a pre-approved limit.) We went back in forth on price. They are gonna talk monthly payment and not actual price. Once they gave me an actual price and increased the trade in value I simply wrote the check from Penfed.
With your credit score, you should be approved in no time with Penfed.
Easy to work with. I negotiated with the dealer and they assumed I would finance with them all the while I had a blank check from Penfed (with a pre-approved limit.) We went back in forth on price. They are gonna talk monthly payment and not actual price. Once they gave me an actual price and increased the trade in value I simply wrote the check from Penfed.
With your credit score, you should be approved in no time with Penfed.
Posted on 7/28/15 at 6:35 pm to D.B.Cooper
Going thru PenFed, what would you expect his interest rate to be? Unfortunately, I'm looking at buying a vehicle sooner than I intended.
Posted on 7/28/15 at 7:36 pm to Stateguy
1.49
Posted on 7/28/15 at 10:22 pm to yellowfin
USAA is offering 0.74 right now FWIW 
Posted on 7/29/15 at 8:21 am to BACONisMEATcandy
Do you have to have insurance with them?
Posted on 7/29/15 at 9:16 am to yellowfin
No, you can get a USAA car loan separate from any other services (ins, bank, etc). But of course, you have to be USAA-eligible. IOW, you/your spouse/a parent must have served in the US military.
Posted on 7/29/15 at 9:51 am to hungryone
I'm eligible
I just always figured I'd have to change over my insurance to bank with them, good to know
I just always figured I'd have to change over my insurance to bank with them, good to know
Posted on 7/29/15 at 11:22 am to yellowfin
If you've got good credit, the USAA car loan process couldn't be simpler. I applied online (knew what car I wanted & what I was willing to pay) & had a decision in less than a minute. USAA emails all docs, you e-sign & return; the check/voucher is sent via email & you hand it over to the dealership once you're ready to finish the transaction. Sign up for direct debit of the loan payment each mo & USAA will reduce the interest rate a bit.
Posted on 7/29/15 at 9:19 pm to yellowfin
I have car/renters/vvp insurance, a cc and a car loan with them... I do not bank with them
ETA: Grandparents will give you access - if your parents take advantage of USAA
ETA: Grandparents will give you access - if your parents take advantage of USAA
This post was edited on 7/29/15 at 9:20 pm
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