When to start looking at financing?
Thread Starter
Burning Brakes
Joined: Aug 2013
Posts: 817
Likes: 34
When to start looking at financing?
Hey Guys,
Well, my C7 is on it's way to 3800 early next week (knock on wood). I am just curious as to when you guys started to look at loan approvals and what not. I don't know exactly when I will have the car so I don't want to get approved only to have it expire since too much time has elapsed. However, I want to lock in at 1.99% so the dealer can either match it, or I finance externally. Just curious as to what you guys did since there is no guarantee as to vehicle delivery timing. Thanks!
Well, my C7 is on it's way to 3800 early next week (knock on wood). I am just curious as to when you guys started to look at loan approvals and what not. I don't know exactly when I will have the car so I don't want to get approved only to have it expire since too much time has elapsed. However, I want to lock in at 1.99% so the dealer can either match it, or I finance externally. Just curious as to what you guys did since there is no guarantee as to vehicle delivery timing. Thanks!
Instructor
Joined: Jul 2013
Posts: 172
Likes: 2
From: Allen TX
I locked in at DCU.org for 1.99 for 65 Months. the overnight-ed me an AutoCheck, which is a blank cashiers check guaranteed up to $68,000 in my case. I choose the Payee and the amount. The dealer cashes it and the loan starts. If I tear it up then no loan is even opened in my name. I have done this many times before and it is great because you can go to any dealer and use it, or not use it at all, you are not tied into anything.
Melting Slicks
Joined: Jun 2013
Posts: 2,151
Likes: 62
I locked in at DCU.org for 1.99 for 65 Months. the overnight-ed me an AutoCheck, which is a blank cashiers check guaranteed up to $68,000 in my case. I choose the Payee and the amount. The dealer cashes it and the loan starts. If I tear it up then no loan is even opened in my name. I have done this many times before and it is great because you can go to any dealer and use it, or not use it at all, you are not tied into anything.
Drifting
Joined: Nov 2002
Posts: 1,691
Likes: 202
From: Loveland, CO
I just completed paperwork with USAA for 1.39%, for 36 months. Loan is good for 45 days, but can be renewed. I hope to just use it as a bridge loan until I sell my '69 L-71. The 48 and 60 month rates were at 1.99%. I am like you, wondering when I will need to pay the dealer.
Good luck. Ralph
Good luck. Ralph
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Melting Slicks
Joined: Jun 2013
Posts: 2,151
Likes: 62
Yes but call them they can check to see if you will approve first. Account is free and only requires a $5 deposit.
I made the mistake yesterday of opening a account with a local CU here only to be told the 1.99% is for people over 750 credit score. I had a 748. I will be closing that account asap.
I made the mistake yesterday of opening a account with a local CU here only to be told the 1.99% is for people over 750 credit score. I had a 748. I will be closing that account asap.
Thread Starter
Burning Brakes
Joined: Aug 2013
Posts: 817
Likes: 34
Yes but call them they can check to see if you will approve first. Account is free and only requires a $5 deposit.
I made the mistake yesterday of opening a account with a local CU here only to be told the 1.99% is for people over 750 credit score. I had a 748. I will be closing that account asap.
I made the mistake yesterday of opening a account with a local CU here only to be told the 1.99% is for people over 750 credit score. I had a 748. I will be closing that account asap.
Instructor
Joined: Aug 2013
Posts: 161
Likes: 0
Advanced
Joined: Aug 2013
Posts: 88
Likes: 0
From: Houston TX
Yes but call them they can check to see if you will approve first. Account is free and only requires a $5 deposit.
I made the mistake yesterday of opening a account with a local CU here only to be told the 1.99% is for people over 750 credit score. I had a 748. I will be closing that account asap.
I made the mistake yesterday of opening a account with a local CU here only to be told the 1.99% is for people over 750 credit score. I had a 748. I will be closing that account asap.
Thread Starter
Burning Brakes
Joined: Aug 2013
Posts: 817
Likes: 34
Well, apparently since I am not a member, in order to get the 1.99% rate I would have to have my paychecks on direct deposit to the account I create. I am not going to do that since I already have a bank that I have linked to so many things. Oh well. I have good credit so I hope the dealership is reasonable. I will also be putting a lot down plus a trade-in vehicle. I am not going to finance more than $20,000.
Safety Car
Joined: Apr 2007
Posts: 4,548
Likes: 609
From: Southeast, WI
Well, apparently since I am not a member, in order to get the 1.99% rate I would have to have my paychecks on direct deposit to the account I create. I am not going to do that since I already have a bank that I have linked to so many things. Oh well. I have good credit so I hope the dealership is reasonable. I will also be putting a lot down plus a trade-in vehicle. I am not going to finance more than $20,000.
