When do I shop around for financing?
Thread Starter
Heel & Toe
Joined: Mar 2017
Posts: 24
Likes: 3
From: Queens New York
When do I shop around for financing?
Hey, I was approved last week for my GS 2lt. I'm at status code 3300 with a TPW 5/15. Would anyone know the appropriate time to start shopping around for loans and better rates?
-GC
-GC
Instructor
Joined: Dec 2016
Posts: 101
Likes: 28
From: Tiburon CA
Have you talked with the dealer you placed your order through? I was able to get a great financing deal at PNC bank through Kerbeck Chevrolet. Much better terms than I could have gotten on my own.
Thread Starter
Heel & Toe
Joined: Mar 2017
Posts: 24
Likes: 3
From: Queens New York
When I placed the order they said they would handle everything related to financing but from what I understood, it's still better to shop around. Maybe I am wrong. Just excited to purchase my first car or vette for that matter.
Burning Brakes
Joined: Apr 2015
Posts: 1,043
Likes: 115
From: Marlton New Jersey
I already had my financing lined up from a couple of my credit unions. When I mentioned this to my salesman, he was able to beat them by more than 1.5%.
Team Owner
Joined: Mar 2004
Posts: 30,055
Likes: 351
From: Big Red Ne
Instructor
Joined: Feb 2017
Posts: 104
Likes: 51
From: Humble Tx
You'll want to shop around about 30-45 days prior to delivery...which sounds like now. If you have multiple credit inquiries around the same time period, it doesn't hurt your credit score as much as if you had a few every month.
Most offers from banks will be good for 15-30 days. Basically, you want to have a great offer ready to close and walk into the dealer to tell them to beat it. Many times they can.
I'd personally recommend looking a lightstream.com if you have very good credit. They were 0.4% below anybody else I looked at for my used purchase a couple months ago. I also hear a lot of people getting good quotes from PenFed.
Most offers from banks will be good for 15-30 days. Basically, you want to have a great offer ready to close and walk into the dealer to tell them to beat it. Many times they can.
I'd personally recommend looking a lightstream.com if you have very good credit. They were 0.4% below anybody else I looked at for my used purchase a couple months ago. I also hear a lot of people getting good quotes from PenFed.
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Advanced
Joined: Sep 2016
Posts: 60
Likes: 58
From: Chillyville MN
Was very painful to wait for me, not having financing locked down. No one (dealer, banks) wants to start until the last week pretty much. Banks will want VIN and car mileage as it sits at dealer before they start. I got pre-qualified by Capitol One Auto 25 days out and that turned out to be best rate (1.7%)
Melting Slicks
Joined: Mar 2008
Posts: 2,453
Likes: 347
From: SC
Melting Slicks
Joined: Sep 2004
Posts: 3,477
Likes: 2,248
From: Southern NJ
Amazes me that the financing isn't the first thing the dealer would want to do. Supposing someone orders a car and their credit blows. 19.9% rate or you don't get the car. Dealer gets stuck with the car. I suppose it happens every now and then.
Team Owner
Joined: Apr 2013
Posts: 26,254
Likes: 4,363
From: Chirper Island
One should always have at least a couple of finance options already lined up before even going to the dealer. That way they will try and beat what you already have, no matter what deal you have worked out on the car price.
Tech Contributor
Joined: Oct 1999
Posts: 41,062
Likes: 9,825
From: Charlotte, NC (formerly Endicott, NY)
Bill
Burning Brakes
Joined: Feb 2017
Posts: 807
Likes: 313
From: New Jersey
Unless you go into to the transaction knowing how much you are willing to spend, you can lose control.
Every car I have either bought or leased, I knew what my spending limit or what the monthly hit on my budget would be.
I could see where wanting this car could make you flush that thinking down the toilet, but I stuck with my principles, wound up with a no interest loan from GM Finance, with almost 50% down, I'm happy and unless I dog the car, I'll never be "upside down" in the loan.
After going through three great Mercedes leases, I was ready to buy, and once I made up my mind on a Corvette, that governed my actions and the buying process.
Every car I have either bought or leased, I knew what my spending limit or what the monthly hit on my budget would be.
I could see where wanting this car could make you flush that thinking down the toilet, but I stuck with my principles, wound up with a no interest loan from GM Finance, with almost 50% down, I'm happy and unless I dog the car, I'll never be "upside down" in the loan.
After going through three great Mercedes leases, I was ready to buy, and once I made up my mind on a Corvette, that governed my actions and the buying process.