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Financing a used car (anyone have contacts at Lash Chevrolet?)


mrs.cos

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We want to go buy a "new" car. We want to get financing through our bank but we don't know which car we want to buy.

 

How do we go about this.

Do we just get pre-approved by our own bank? Do we need to bring to our bank the types of cars we are looking at?

 

There are two we want to look at tomorrow, and ideally we'd like to take home on of them tomorrow.. is this even possible?

 

Thanks for the input.

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Rates won't be a huge issues as we will be paying it off early... (less than a year probably) We plan to use the credit union or our bank where our home-loans and regular banking)

 

the car will be 2010 or newer, and i see rates for used cars based on years on the banks sites.. but i still am unsure as how the process works if we want to buy the car tomorrow.

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Rates won't be a huge issues as we will be paying it off early... (less than a year probably) We plan to use the credit union or our bank where our home-loans and regular banking)

 

the car will be 2010 or newer, and i see rates for used cars based on years on the banks sites.. but i still am unsure as how the process works if we want to buy the car tomorrow.

 

 

I've done it same day before.

Found car in NC I wanted.

Got up early walked into credit union.

They cut me a check and I drove there and picked it up.

 

Mind you've I wasn't just off the street, I'd had an account there and financed several cars through them, but I'm not sure if that matters.

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I've done it same day before.

Found car in NC I wanted.

Got up early walked into credit union.

They cut me a check and I drove there and picked it up.

 

Mind you've I wasn't just off the street, I'd had an account there and financed several cars through them, but I'm not sure if that matters.

 

I have an account there (nothing major, couple hundo in it) but nathan has flawless credit and we've been planning to open an account there anyways..

Hopefully this will work..

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If your credit is good most dealers will finance where you want and give you options. Worst thing you can do is say no to their offer. Personally this is how I've usually bought cars and taking them home that day is simple. If you want to go through your personal bank go talk to them and get pre-approved, then when you find the exact car you want you may have to go back and get the check. This is how friends of mine have done it, my wife about 15 year ago was with Nationwide Credit Union and they gave her a letter of approval and then the dealer took care of it. Depending on the bank or credit union I doubt you'll be taking it home the same day unless you make the dealer do all the paperwork.
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Dealers typically get "reserve" which is money from the bank for lining up the loan. They can also usually get better rates than what you can direct from the bank.

 

With that knowledge, you can usually save on interest (getting a better rate) and save on the car (knowing they can draw some of their profit from the financing)

 

Plus you can get it all done within 15 minutes at the dealership and drive your car home.

 

 

EDIT: Not all dealers are honest. So just call your bank and ask for their best rate to make sure the dealer is giving you competitive terms

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I thought getting Financing at the Dealership was usually higher than if you got it outside the dealership

 

 

While true, there is no reason you can't refinance before your first payment is even due.

Some credit unions even give you a "bonus" $ per $1000 financed on a loan takeover.

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I thought getting Financing at the Dealership was usually higher than if you got it outside the dealership

 

I signed someone up at 1.65% for 72 months on a used 2011 today.

 

That's not a special manufacture rate. That's from a regular bank.

 

They also kicked us a couple hundred bucks, that I was able to pass on via additional discount to the customer to put the deal together

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I thought getting Financing at the Dealership was usually higher than if you got it outside the dealership

 

Not really, some dealerships are bad about only wanting to use the banks they are getting good kickbacks from but for the most part a good finance guy is just that. Larger dealerships typically can do just as good for someone with great credit as they can with someone who needs special financing. The best advice is to educate yourself on your credit situation and what good rates are at the time of purchase, then shop accordingly be it with a bank directly or the finance manager at a dealership.

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The best advice is to educate yourself on your credit situation and what good rates are at the time of purchase, then shop accordingly be it with a bank directly or the finance manager at a dealership.

 

This.

 

 

 

The sad fact is that any dealer (or bank for that matter) can be shady, or just plain bad at their job.

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\The best advice is to educate yourself on your credit situation and what good rates are at the time of purchase, then shop accordingly be it with a bank directly or the finance manager at a dealership.

How much more education do i need.. his credit is flawless. he'll get the lowest rate available.

 

Rates vary so much from place to place .. (nearest i can tell used is 2.99 average right now)

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I signed someone up at 1.65% for 72 months on a used 2011 today.

 

That's not a special manufacture rate. That's from a regular bank.

 

They also kicked us a couple hundred bucks, that I was able to pass on via additional discount to the customer to put the deal together

 

So you work for a bank or a dealership?

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How much more education do i need.. his credit is flawless. he'll get the lowest rate available.

 

Rates vary so much from place to place .. (nearest i can tell used is 2.99 average right now)

 

Different banks have different methods. The best thing you can do is go talk to someone at your bank. They get commission for selling loans so they would be happy to help you out. Probably wouldn't hurt to let them know you are also going to see what your credit union offers.

 

My credit union is offering 0.74% loans if you use their car buying service or 1.74% for all other loans. I'll never deal with a dealership on a loan again, there's no reason to. Just negotiate the out the door price so you know exactly what you are financing, let them write it up however you want so long as the final price is what you want.

 

They also kicked us a couple hundred bucks, that I was able to pass on via additional discount to the customer to put the deal together

 

I've never had a dealership offer this before.

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Most dealers don't pass on a discount for the reserve, because with most banks the car has to stay with that bank for a minimum of 6 months for the dealer to get that money. If its re-financed or payed off before 6 months the dealer losses that money.

 

 

If I sell a vehicle knowing that person won't refi or pay it off, and it takes me to knock off 100-300 more to earn the deal because they will finance with me I do.

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I didn't read over most of the responses, but here's what I did last year...i shopped around with a bunch of banks for their rates and fees, ended up going to my regular bank, with a few different options of what I was looking for, certain years, and certain length of payment terms...they told me what I could get as far is rates for all of those terms. Went in to the dealership, found the car I was looking for, they said they could beat the rate, i told them they had to beat it by at least like .25%...20 min later they had it done.
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