I've already tried at my credit union, but those idiots won't finance me for anything over $25,000... WTF?... I make almost THREE TIMES that much in a year! Idiots.

Well anyways, it looks like my only option is going through the dealer at this point.

My questions:
*What finance companies do the Chevrolet dealers use?
*If they use others (besides GMAC) which is the best to use?
*If I use GMAC, would it be better if I applied through GMAC prior to going in and filling out the papers?

BTW, I have a good/excellent credit score, not a lot of outstanding credit balances (besides student loans), and make decent money... the credit union's reasoning behind their decision was that "I don't have a recent auto loan in my history".

 

try talking to the dealer first, just to see, also try www.lendingtree.com as well as your own bank too.

 

Also, what are GMAC's usual APR rates? I've been on their website and they don't have any answers... every time I try to find out their APR range, it sends me to the application page.

 

Most dealers like to use banks because they get kick backs in the form of interest %.

 

GM rates are sky high on vet's over all cars
If you have great credit go to
firstagain.com they are low and unsecured loans and DO NOT hold your title
but you must have exellent credit to get their loans and if you go with auto pay its like 1/2% point lower or 5 bucks a month
plus you get next day funding

slick

 

"Excellent" as in what? I guess everyone's definition for "excellent" is different.

My credit score right now is 725.

 

I dont know I am not them but I guess thats a good # check them out I used them before and process was seemless
its free to appy so nothing to loose
Slick

 

side note if your married put the wife on there too reguardless of credit score my wife don't work and they wanted her on there like she was gonna pay...lol I guess the paper trail is what banks like

slick

 

You're probably gonna want to find another c.u. and refi later this year. The banks are really tightening up and rates suck. I've got simiar #'s and just bought an '08 mustang gt for the wife at.........7.9%. Local c.u. is at 5.5%, I'll be refi'n when the tax return shows up.

 

I've bought several cars over the last couple years, and the best I found was at Capital One, via their Blank Check deal. I bought 2 used and 1 new. I would go to their website and apply for "Blank Check" and see..my vette is currently financed through them this way.

It's pretty cool, they send you a blank check next day (up to the max your approved for) and when you're done negotiating, you write in the dollar amount to the dealer..then boom..your loan is activated and viewable on capitalone.com. It works out pretty nice..and quick!

If that still isn't good, try LendingTree.com.

Good Luck

pkstr

 

that sounds really good to me!

 

I'd try several of the major banks in your area befor you go through the dealer. Knowing you're pre approved for a loan by an outside sorce is a big help in the price negotiations with the dealer.

 

I agree with MikeyTx. It is always good to know that you have financing in hand when you talk to a dealer. If anything it shows that you are a serious and qualified buyer.

I'm happy with my bank, USAA. 5 years or below is 4.99, 6 is 5.49 and 7 is 6.24. This is all with on-line application and direct withdrawl from an account.

Banks are being more careful who they give money to now and I'm kind of glad they are doing that due to the current housing crisis. It will help people get what they can afford instead of getting what they want and then looking for the government to bail them out later.

 

I got pre-approved from one of our credit unions last week for 5.34 for 60, or 5.94 for 72. I'm going to visit the other one tomorrow and see which one wants it more.

 

GMAC rates are not based on the type of car/truck you are buying, they are based on your credit rating and whether you are purchasing a new car/truck or used. A Corvette buyer does not pay a higher rate than a Tahoe buyer. Chevy dealers use local banks and credit unions and some nationwide lenders.

 

GMAC sucks for financing or leasing a Vette....Yes dealerships make money on the interest rate they charge you...what happens is the bank gives them an approval for say 3.99%, this is the BUY RATE...now the banks also allow the dealerships to mark up the interest rate sometimes as high as 4% over the BUY RATE....most only allow 2% over BUY RATE though...I would have the dealership run your credit and let them give you the "GOOD NEWS"...it will go something like this..."Hi Mr. Blah Blah...I have GREAT NEWS for you...we got the bank approval at 7.99%, would you like to pick your Vette up this afternoon or evening?"...well what yopu should do at this point is say to them..."well I got from my bank 5.25%...can you match it? If so I will go with you."....they will say they have to call you back and then they will go and look at the numbers to see what TOTAL GROSS profit they make on the deal...both front end, on the car, and back end, on the interest rate and other aftermarket things you got talked into purchasing....you will get a call back saying once again....."Mr Blah Blah...I have Great News....the banks said they will go 5.99% for us, becaus we we run alot of paper thur this bank I called in a favor.".....they would rather drop the interest rate than have you finance somewhere else as even if they give you the loan at BUY RATE they will still make a $100 or so for writing the paper.....

hope this helped you out....and didnt **** off too many dealerships

 

Sorry but you are wrong...if you go thru GMAC there are low interest rates for the TAHOE and other Chevy Vehicles...as for the Corvette, there is usually no low rate interest from GMAC, unless its Jan or Feb and they have a ton of leftover Vettes left on dealership lots, GMAC uses your credit rating for determining a Corvette interest rate...if you look at the GMAC rates it will say STANDARD under Corvette interest rates if they are not running the year end left over promotion.

Check you local credit union too.

 

Thanks for the suggestion! I had heard of Lending Tree but didn't even think of them...

I got two offers so far:
*7.0% APR from Capital One
*6.89% APR from First Again!

 

I don't have to worry about price negotiations... I am an employee of a supplier pricing company.

 

Oh yeah... these are 72 month loans. If I didn't have student loans to repay I'd probably do 48 or 60 months. :o