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Shorty
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Member since 5/05 30390 total posts
Name:
really
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Do you get the loan first or car first?
I'm planning on buying an 06 - very gently used (6k miles) from a dealership.
They offer loans through Chrysler Financial, but TCFU has a much better rate (almost 2 full points).
Sooo I haven't asked anyone this yet at the risk of sounding stupid. Which do I secure first? The car or the loan?
Thanks for not judging!
If anyone knows of a rate better than 5.49% for 60 months, please let me know! My credit is excellent - 778 right now.
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Posted 9/20/07 11:34 PM  |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: Do you get the loan first or car first?
fm
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| Posted 9/20/07 11:35 PM |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: Do you get the loan first or car first?
sorry, should have answered your question 
you find the car first, because the bank won't disburse the loan until you bring them the purchase agreement from the dealer! 
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| Posted 9/20/07 11:50 PM |
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MissJones
I need a nap!
Member since 5/05 22136 total posts
Name:
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Re: Do you get the loan first or car first?
We found the car, went to the bank, got teh loan, went back to the dealership, got the paperwork, went back to the bank, got the check, went back to the dealership and got the car!
We did TFCU and got 3.4% and by opening a money market, doing a direct withdrawel and having a certain amount in the MM, we got a lower rate.
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| Posted 9/21/07 6:31 AM |
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Shorty
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Member since 5/05 30390 total posts
Name:
really
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Re: Do you get the loan first or car first?
OOoooo Interesting - thanks!
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| Posted 9/21/07 6:37 AM |
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cazhley
I ♥ cheesiness.
Member since 1/07 1429 total posts
Name:
Cassie
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Re: Do you get the loan first or car first?
I once got a loan through an employer credit union because the rate was so good!!!
They didn't need information about the car I was buying, just the loan amount. When I applied, I might have indicated it was a new car. Perhaps different CUs have different requirements.
I asked for a flat amount from the CU. They gave me a check for that amount, which I brought to the dealer, and I paid any balance at the dealer with cash/check.
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| Posted 9/21/07 7:51 AM |
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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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Re: Do you get the loan first or car first?
I did it the opposite way. got the loan through the cu then found the car. i knew what i was approved for so that made it easier to shop around.
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| Posted 9/21/07 8:08 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Do you get the loan first or car first?
Posted by MrsERod
sorry, should have answered your question
you find the car first, because the bank won't disburse the loan until you bring them the purchase agreement from the dealer!
We got the loan first, but it was for new cars only.
We got the loan through Capital One. They literally sent us a blank check (with a maximum loan amount) that we filled in at the dealership.
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| Posted 9/21/07 8:23 AM |
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sticklee
LIF Adult
Member since 8/06 2984 total posts
Name:
Stick
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Re: Do you get the loan first or car first?
Posted by Kara
We got the loan first, but it was for new cars only.
We got the loan through Capital One. They literally sent us a blank check (with a maximum loan amount) that we filled in at the dealership.
i did the same with capital one blank check - i bought a used car though
go to capital one.com, fill out the application for the blank check. you get a rate quote within hours.. then they mail you the kit and you just bring it with you to the dealer
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| Posted 9/21/07 9:16 AM |
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robynfs
12/6/10!!
Member since 9/05 4947 total posts
Name:
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Re: Do you get the loan first or car first?
I just leased a new car and found the car, got approved for the loan, paid the upfront money and completed all paperwork...then pick up the car.
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| Posted 9/21/07 10:06 AM |
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itkocak
Member since 7/07 7639 total posts
Name:
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Re: Do you get the loan first or car first?
Message edited 11/11/2011 6:45:11 PM.
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| Posted 9/21/07 11:20 AM |
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NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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Re: Do you get the loan first or car first?
I had gotten my financing through the dealership.
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| Posted 9/21/07 11:28 AM |
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