Financing advise
Thread Starter
Pro
Joined: Jan 2000
Posts: 745
Likes: 1
From: Anaheim Hills, Calif.
Financing advise
My car is set to be delivered to the dealer on 11-15-13. I am purchasing the car through my company that I own. I am approved through my dealer, but the best they can do is 4.99%
Can anyone recommend a bank that has better rates?
My credit union has 2.25%, but they will only do personal financing, and I would not be able to put the car in my companies name, so that doe not work.
Can anyone recommend a bank that has better rates?
My credit union has 2.25%, but they will only do personal financing, and I would not be able to put the car in my companies name, so that doe not work.
Safety Car
Joined: Dec 2011
Posts: 3,608
Likes: 13
From: New Rochelle N.Y. 2013 Grand Sport
I know this is not the answer but I am just curious to this question. How is it that some of you guys ( and you are not the first one ) order cars and they are ready to come in and you don't have the financing already in place? It really is mind boggling.
Instructor
Joined: Dec 2005
Posts: 172
Likes: 0
From: Toms River NJ
I've been shopping for financing already and my car is probably 2 months away. I found 2.39% at Bank of America and 1.99% through road loans. That's with excellent credit and about 10% down. They won't give the loan until a vin is produced, but figure I'd start looking early to get the best deal.
Last edited by drburns; Nov 8, 2013 at 06:30 PM.
Le Mans Master
Joined: Jul 2009
Posts: 9,526
Likes: 12
From: Los Angeles California
Credit unions usually have great rates, OP.
My bank told me the offer only stands for 30 days and then I have to reapply for the loan. I couldn't figure out the right time to strike because I wasn't sure when my car would arrive. Of course, this was before Vettes were getting pumped out quickly. I ordered in May, expected my car in late November (from what the dealer told me) and got it in October. So I had to rush my financing last minute. If I'd done everything ahead of time, as you suggested, I wouldn't have known if I'd be redoing my loan application over and over until the car came in.
My bank told me the offer only stands for 30 days and then I have to reapply for the loan. I couldn't figure out the right time to strike because I wasn't sure when my car would arrive. Of course, this was before Vettes were getting pumped out quickly. I ordered in May, expected my car in late November (from what the dealer told me) and got it in October. So I had to rush my financing last minute. If I'd done everything ahead of time, as you suggested, I wouldn't have known if I'd be redoing my loan application over and over until the car came in.
Pro
Joined: Oct 2013
Posts: 532
Likes: 1
From: PENSACOLA
Credit unions usually have great rates, OP.
My bank told me the offer only stands for 30 days and then I have to reapply for the loan. I couldn't figure out the right time to strike because I wasn't sure when my car would arrive. Of course, this was before Vettes were getting pumped out quickly. I ordered in May, expected my car in late November (from what the dealer told me) and got it in October. So I had to rush my financing last minute. If I'd done everything ahead of time, as you suggested, I wouldn't have known if I'd be redoing my loan application over and over until the car came in.
My bank told me the offer only stands for 30 days and then I have to reapply for the loan. I couldn't figure out the right time to strike because I wasn't sure when my car would arrive. Of course, this was before Vettes were getting pumped out quickly. I ordered in May, expected my car in late November (from what the dealer told me) and got it in October. So I had to rush my financing last minute. If I'd done everything ahead of time, as you suggested, I wouldn't have known if I'd be redoing my loan application over and over until the car came in.
Couldn't you have waited until it was bayed then you know it will be delivered in a couple of weeks?
Racer
Joined: Oct 2012
Posts: 372
Likes: 0
I think he did say that he was already approved from the dealer just looking for better rates... What is mind boggling about that?
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Le Mans Master
Joined: Jul 2009
Posts: 9,526
Likes: 12
From: Los Angeles California
Drifting
Joined: Dec 2012
Posts: 1,683
Likes: 84
When you guys shop for pre-approvals and rates at various banks prior to your C7 arriving, does each check count as a hard inquiry and lower your score? Or can you get a rate quote and credit check without it affecting your score?
Team Owner
Joined: Aug 2007
Posts: 136,140
Likes: 2,433
From: I live my life by 2 rules. 1) Never share everything you know. 2)
St. Jude Donor '11-'12-'13, '16-'17-'18
Any time your credit is pulled, it's a hit against your score, yes
Safety Car
Joined: Dec 2011
Posts: 3,608
Likes: 13
From: New Rochelle N.Y. 2013 Grand Sport
Ok better still. Trying to renegotiate at the last minute when he knew well in advance what the circumstances were and now he can't even get a loan in his company's name when he should have known that in advance also.
Safety Car
Joined: Dec 2011
Posts: 3,608
Likes: 13
From: New Rochelle N.Y. 2013 Grand Sport
Your allowed as many as you want in a 14 day period and it will count as one inquiry and is considered "rate shopping ". Same goes for mortgages.
Instructor
Joined: Oct 2013
Posts: 194
Likes: 7
Most banks will only give you 30 days on your application. After the 30 days are up you would need to apply again. So when you order a car that is 2-3-6 months? away then you don't have much choice but to wait until the car is close to arrival.
Instructor
Joined: Oct 2013
Posts: 194
Likes: 7
every inquiry affects your score. But recently they classify certain inquiries as "soft" inquiries. Which do less damage to your score.
Race Director
Joined: Aug 1999
Posts: 13,311
Likes: 2,510
From: Bluffton SC via Canton Oh
Rates bounce around. I take the easy way. A day before I pick up a car I go thru the dealer and it works for me. October 8th on the C7 got 1.59% for 48 months with Capital One thru the dealer.
Only research I did was lease vrs buy and I can tell you the car is too new to justify a lease deal.
Only research I did was lease vrs buy and I can tell you the car is too new to justify a lease deal.
