mrs.cos Posted March 2, 2013 Report Share Posted March 2, 2013 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. Quote Link to comment Share on other sites More sharing options...
Gergwheel1647545492 Posted March 2, 2013 Report Share Posted March 2, 2013 go to a credit union and ask about a unsecured line of credit, or if the car is new enough you could do a car loan, but some places require a almost new car. Normal bank rates will be much higher than credit unions. 1 Quote Link to comment Share on other sites More sharing options...
mrs.cos Posted March 2, 2013 Author Report Share Posted March 2, 2013 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. Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted March 2, 2013 Report Share Posted March 2, 2013 ^Yup. Credit unions are awesome for that. They will finance, old, rare, high mileage, used cars that other places won't touch. Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted March 2, 2013 Report Share Posted March 2, 2013 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. Quote Link to comment Share on other sites More sharing options...
Gergwheel1647545492 Posted March 2, 2013 Report Share Posted March 2, 2013 go to bank/CU get approved, get money and have it in account, write check or have cash for payment of car. pretty simple, just go in and talk to a banker. Quote Link to comment Share on other sites More sharing options...
mrs.cos Posted March 2, 2013 Author Report Share Posted March 2, 2013 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.. Quote Link to comment Share on other sites More sharing options...
Cordell Posted March 2, 2013 Report Share Posted March 2, 2013 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. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted March 2, 2013 Report Share Posted March 2, 2013 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 Quote Link to comment Share on other sites More sharing options...
Turbs3000 Posted March 2, 2013 Report Share Posted March 2, 2013 You can get approved and get the money headed towards your account before knowing exactly what car you want. Also if you go in early they can have the answer back to you normally the same day. Quote Link to comment Share on other sites More sharing options...
mrs.cos Posted March 2, 2013 Author Report Share Posted March 2, 2013 I thought getting Financing at the Dealership was usually higher than if you got it outside the dealership Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted March 2, 2013 Report Share Posted March 2, 2013 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. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted March 2, 2013 Report Share Posted March 2, 2013 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 Quote Link to comment Share on other sites More sharing options...
Cordell Posted March 2, 2013 Report Share Posted March 2, 2013 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. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted March 2, 2013 Report Share Posted March 2, 2013 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. Quote Link to comment Share on other sites More sharing options...
JuicedH22 Posted March 2, 2013 Report Share Posted March 2, 2013 1) Sign up for military 2) Serve for 6 mo to a year 3) Either hurt yourself in some manner (but make sure it is one you can recover from) or claim PTSD and get sent home. 4) Buy TTc6 Quote Link to comment Share on other sites More sharing options...
mrs.cos Posted March 2, 2013 Author Report Share Posted March 2, 2013 \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) Quote Link to comment Share on other sites More sharing options...
mrs.cos Posted March 2, 2013 Author Report Share Posted March 2, 2013 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? Quote Link to comment Share on other sites More sharing options...
2highpsi Posted March 2, 2013 Report Share Posted March 2, 2013 So you work for a bank or a dealership? Dealership. Quote Link to comment Share on other sites More sharing options...
Rustlestiltskin Posted March 2, 2013 Report Share Posted March 2, 2013 I remember my first time ..... Quote Link to comment Share on other sites More sharing options...
mrs.cos Posted March 2, 2013 Author Report Share Posted March 2, 2013 its not our first time.. its just.. up to this point in our lives, we have paid cash or did dealership loans Quote Link to comment Share on other sites More sharing options...
copperhead Posted March 2, 2013 Report Share Posted March 2, 2013 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. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted March 2, 2013 Report Share Posted March 2, 2013 I've never had a dealership offer this before. Not surprising. Most dealers aren't too creative. Quote Link to comment Share on other sites More sharing options...
John Bruh Posted March 2, 2013 Report Share Posted March 2, 2013 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. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted March 2, 2013 Report Share Posted March 2, 2013 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. Quote Link to comment Share on other sites More sharing options...
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