Financing Worries
Race Director
Joined: Aug 2010
Posts: 12,641
Likes: 464
From: Houston TX
The OP clearly asked for financial advice, being concerned about his credit capability. See both his and my responses above.
Le Mans Master
Joined: Jul 2005
Posts: 6,350
Likes: 273
From: Hoschton Georgia
OP. If at all possible run your own credit history and current credit score then contact either a bank or credit union and get the details. Or have the lending institution give you a copy. Try to avoid calling a lot of lenders or dealers. Every time someone runs a credit report on you your score will take a little ding as if you are actually getting more credit. Then it takes a bigger ding after your new loan is recorded. I know a story of a local guy with OK credit and visited many dealerships shopping for the best price. Every dealer or bank he called checked his credit. By the end of his search his credit score had dropped due to many hits and possible increases to his debt. Dealerships do have access to very good rates. They just prefer to load them as best they can. The better your score the better your chance working them down to get them. Just 2 weeks ago I obtained a 1.78 from the dealer on the new Escalade. The lower your score the higher your APR and the more likely you are going to need a higher down payment.............. Get all of this in place before committing to the car..............I work for bank.
Last edited by ufaj26; Sep 19, 2014 at 06:56 AM.
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Joined: Oct 2013
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"
Thread Starter
Advanced
Joined: Oct 2013
Posts: 98
Likes: 0
OP. If at all possible run your own credit history and current credit score then contact either a bank or credit union and get the details. Or have the lending institution give you a copy. Try to avoid calling a lot of lenders or dealers. Every time someone runs a credit report on you your score will take a little ding as if you are actually getting more credit. Then it takes a bigger ding after your new loan is recorded. I know a story of a local guy with OK credit and visited many dealerships shopping for the best price. Every dealer or bank he called checked his credit. By the end of his search his credit score had dropped due to many hits and possible increases to his debt. Dealerships do have access to very good rates. They just prefer to load them as best they can. The better your score the better your chance working them down to get them. Just 2 weeks ago I obtained a 1.78 from the dealer on the new Escalade. The lower your score the higher your APR and the more likely you are going to need a higher down payment.............. Get all of this in place before committing to the car..............I work for bank.
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Burning Brakes
Joined: Apr 2013
Posts: 837
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He did not state that he has any issues with his own credit worthiness, nor was it implied.
Burning Brakes
Joined: Apr 2013
Posts: 837
Likes: 0
Ok. I have a stupid but legitimate question. Lets say I call a forum dealer and place a deposit. My credit is ok, not the best since I bought my house. When will the dealer run my credit for financing? I have heard talk of going to a credit union or seeking outside finance options. This will be the first vehicle I will be financing. Always paid cash for vehicles. I figure I got a couple of months to pay off some things and get ready for baby. To all you seasoned car buyers any Input?
Then, when you are getting close to the delivery of your car (within a month or so), you apply for the loan. I financed a portion of my C7 at 2%; it was painless and overwith in maybe a half hour, and then when you're approved for your loan amount, it's not actually outstanding until you have them send the cash just prior to closing on your car.
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[QUOTE=C7 4 Me;1587875059]FYI - I want to second anyone here that has recommended Pen Fed for a credit union. All you do to join is donate $5 (may be $10 now) to a charity of your choosing on their site.
Then, when you are getting close to the delivery of your car (within a month or so), you apply for the loan. I financed a portion of my C7 at 2%; it was painless and overwith in maybe a half hour, and then when you're approved for your loan amount, it's not actually outstanding until you have them send the cash just prior to closing on your car.[/QUOTE
NOW YOU TALKING!!!
I will check this out!
Then, when you are getting close to the delivery of your car (within a month or so), you apply for the loan. I financed a portion of my C7 at 2%; it was painless and overwith in maybe a half hour, and then when you're approved for your loan amount, it's not actually outstanding until you have them send the cash just prior to closing on your car.[/QUOTE
NOW YOU TALKING!!!
I will check this out!
Race Director
Joined: Aug 2010
Posts: 12,641
Likes: 464
From: Houston TX
Oh boy here we go!! My question was to forum members who purchased their car through financing. I have no "concerns over my creditworthiness" just trying to get insight on financing experiences. I did not ask for your advise on buying a c6 and putting more principal on my house, But this is social media and we do live in a age when you ask a question to unknowns you never know who will respond........"c6 "
"Well, I must have incorrectly interpreted the OP's question when he originally wrote that his credit was OK but not the
best since he bought his house. It appeared to me that he had other concerns, but I stand corrected.
OP, good luck with your purchase and hope you find financing terms that are acceptable.
Team Owner
Joined: Jan 2002
Posts: 24,569
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From: Spring Branch TX
St. Jude Donor '14,'18,'21
Burning Brakes
Joined: Dec 2009
Posts: 1,009
Likes: 35
From: Tysons Corner, VA
But, to the question even though it is silly. I paid cash at a dealer recently, cold hard $100 bill cash. $13,000 - I had to fill out a form at the bank and then the dealer had to fill out a form for the cash to send to the IRS.
(For some reason my stupid debit card wouldn't go through for that amount)
So, no limits, just you have to "attest" to where the money came from.
Which in reality is ********.
Melting Slicks
Joined: Mar 2010
Posts: 2,006
Likes: 1
Lighstream loans is also a good lender.
Excellent rates (especially for longer term loans) and they offer unsecured loans so you hold the title in hand and don't have to worry about title issues when you go to sell.
Highly recommended institution. Give em a look.
https://www.lightstream.com/rates-loan-calculator
Excellent rates (especially for longer term loans) and they offer unsecured loans so you hold the title in hand and don't have to worry about title issues when you go to sell.
Highly recommended institution. Give em a look.
https://www.lightstream.com/rates-loan-calculator