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?

 

I got a question for you...how did pay cash without paperwork going to irs if it was over 9999 ?

 

I called my bank first for a quote and they were standing by for my call. A FL dealer checked my credit while I was inspecting a 2-year old C6. The dealer’s quote from Sun Trust beat my bank by 1%. It also had a branch conveniently located near home. I called and gave my bank another chance to beat it. That’s all the input I needed - I chose the lowest rate and happily drove it home.

 

My dad is a Mechanic and a firm believer of never buying a new car. Lol so to tell you the truth none of my vehicles cost over 10 Grand.
I told him I was going to buy a corvette and he told me not to waste my money .

 

Credit is pulled right before the transaction is executed. But, it's possible that it gets pulled prior. Often the dealer will ask for a signed release to obtain your credit.

 

Any number of lenders will per-approve you (or not), often online.

Is Ally handling GM financing since GMAC went away? They have the lease on my DD. They will per-approve you online.

If you think there could be an issue, a credit union is your best bet.

Best wishes.

 

As a lender here is what matters for the most part.

What's your credit score, 660 is generally going to be fine for most car deals because of the collateral stability.

How much are you putting down? If it is 10% your credit score matters a lot. If it is 40% or more then it doesn't matter nearly as much.

How quick are you paying it off? If you put 30% down and only need a 36 month loan you are far more likely to get qualified than if you need 72 months.

To smaller lenders term and down payment matter almost as much as credit score. Bigger lenders run you through a model that measures your debt payments vs income and looks at your credit score to see if you fit the resulting risk profile. They don't care if you are buying a corvette or 4 ford escorts.

If you run into a wall at a big lender or the dealer but fit the description of someone putting a good amount down who has the ability to make a bigger payment to make the loan payoff in a reasonable time go shop some smaller banks.

I would also get pre approved before negotiating the deal for the car if possible. Don't let the dealer talk fianancing with you. Know your term, rate and payment you are approved for going in and keep that to yourself. If they can beat the rate and match or beat the term take it. Don't let them make their financing part of the price negotiation. Let them bid once the deal is set.

 

I would call my local credit union or bank and have them run the numbers before I ordered the car. IMO I would never order something without getting my financing together. The higher the dollar amount being borrowed and longer the terms the better your credit will need to be or more money down since its less risk for the bank. I would rather borrow instead of paying cash since interest rates are so low and my cash is better in my investments.

 

I just spoke the other day with USAA and they reminded me that their loans are only approved for a 45 day period. I thought I would run the loan and get pre-approved, but the rep talked me out of it due to the possibility of constraints, consignment issues etc. Not worried about approval, just wanted to get my ducks in order.

 

What does paperwork going to the IRS have to do with this?

I have made many bank transactions in excess of $9999. I don't have a clue if they were reported to the IRS or not. Presumably yes. I could not care less. Legitimate transactions are of no concern.

 

IMO, OP you'd be better off buying a used C6 for less money and paying extra principal on the house mortgage.

 

Are you a lender? And if so what say ye!! what institution? Who has the best interest rates?

 

UHHH!! No! I would rather finance this bad *** car and buy another rental property to pay for it!! C6

 

I wondered who would be the first to ignore the OP's question and offer instead unsolicited financial advice.

Now that that cherry is broken, I have some unsolicited financial advice for the OP in one word: plastics.

 

Pen Fed (Pentagon Federal Credit Union) allows 90 days max I believe from application approval until use. But, you'd have to estimate when your build date is and hope you met deadlines or else submit another app. Once people are posting about their history from ordering through actually having their butt in the seat, you'll probably be better able to guesstimate time lines, but there is still uncertainty to some degree.

With my '13 GT500 I did the transaction at my dealer as soon as the car was finished building which was 16 days before it arrived at the dealership. So if your 90 days was getting tight, you have some flex on that end with Pen Fed. I chose to do that because I was reading on some forums that a few people had their dealer sell their car out from under them when somebody offered a chunk more $$$ for it. I was in at just $1000 over invoice when most other Cali dealers had signif ADM's. I had a fairly decent relationship with my dealer, but after waiting for so many months, the longer I waited the more anxious I got, so I just got it purchased.

good luck with whatever your choice is

 

I can't speak for the op but generally speaking when people say "I paid cash" for a vehicle it doesn't mean they plopped down a briefcase full of bills, but rather as a euphemism that they did not finance, paying instead via check or bank wire in full.

 

A couple of years ago when I bought a mustang I paid cash for the car. I actually considered coming in with a pile of hundreds and paying cash, but the dealer wouldn't accept it. I ended up having to get a bank check to pay for the car. I don't know if large cash transactions are discouraged these days, but in the end, paying with a bank check, I still drove off in the car and the title in hand as soon as I finished signing my name in a bunch of places.

 

UAAA has the best rates that I've seen thus far. 2.25% APR is just terrific!!!

 

I was prepared to pay cash (check) but got pre-qualified with cap one at a low rate then my dealear beat that rate with ally. My dividend paying stocks pay 3 times my finance rate. no brainer to me use their money

 

That is a different paradigm and I don't disagree.

Your original post expressed concern about your own creditworthiness, hence my original comment.