getting pre-approved with dealership for loan - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

jshaf · 10-22-2013, 10:46 PM

is it a smart thing to do? if the car you want is there and you want to save some wait time when you get there.

LikaRokBowTie · 10-22-2013, 10:53 PM

Well that all depends on the rate you're getting,have you rate shopped,are you a Credit Union member,a lot of things go into making this decision.

jshaf · 10-22-2013, 11:02 PM

I work through out the week and don't have the time to shop around, figured if I applied say tomorrow on line that would give them a couple days to find the best rate and such. I found a 1SS equipped the way I want and have been in contact with them and I am supposed to go down there Saturday. It is 4 hours drive from here, just figured it might be a good idea since I will probably be doing it when I get there anyway.

LikaRokBowTie · 10-22-2013, 11:14 PM

You would be better off having something to show numbers wise,in case they throw some high ass rate at you,which if they know you're driving 4hrs.for this car they could very well be ready to pull something on you.I went with the dealer only after they said they would give me a better rate than the bank.Check online for rates and do you have any idea what the dealer is offering on the int.rates.

jshaf · 10-22-2013, 11:20 PM

Quote:

Originally Posted by LikaRokBowTie

You would be better off having something to show numbers wise,in case they throw some high ass rate at you,which if they know you're driving 4hrs.for this car they could very well be ready to pull something on you.I went with the dealer only after they said they would give me a better rate than the bank.Check online for rates and do you have any idea what the dealer is offering on the int.rates.

have no idea. I know GM has the 3.9 for 48/60/72 months but the dealership themselves I don't know. the online ones like road loans and the like are they any good?

LikaRokBowTie · 10-22-2013, 11:28 PM

Not sure about road loans(not familiar)there are plenty of reputable lenders ie...lending tree,capital one and many others,best to stick with the major lenders so you know what you're getting,is this car a 13 or 14.

baum · 10-23-2013, 06:22 AM

If you have good credit and you know you will have no issues getting it, its not necessary. I purchased my truck on a saturday. in and out in about 3-4 hours and thats with a 60mile test drive.

Baba · 10-23-2013, 07:57 AM

Quote:

Originally Posted by jshaf

is it a smart thing to do? if the car you want is there and you want to save some wait time when you get there.

You've been on this forum for almost 4 years with nearly 3000 posts. One would think you might've read some of the threads that had to do with or mentioned financing. Apparently not.

Take 5 minutes and check with your financial institution and get pre-approved for the best rate you can at the length of the loan you're comforatable with. Then you'll be prepared to either accept or decline either the dealership's or your financial institution's offer. Keep in mind, financing at 0% "most often" does NOT qualify you for dealer cash back and other possible incentives. Approved financing is approved financing, regardless by whom you were approved and whether you were approved 2 weeks ago or this morning.

If you don't have the time to call or go to your financial institution's website to inquire about their rates or apply for a loan over the phone / online because you're "too busy", you deserve the term the dealership decides to make available to you - good, bad or indifferent.

Del's12SS · 10-23-2013, 08:04 AM

WOW..... I have met the Judge, Jury and executioner.

Yendor · 10-23-2013, 08:23 AM

We're dealing with a similar situation. My wife took yesterday off to get the bank rate, they called her back but she was not in a position to take notes (on a walk with the dog) so she told them to call back in 10 mins. She still hasn't heard back from them. OUr drive to her new truck is 4 hours away.

Sorry Baba doesn't understand that some people work for a living and don't have time to shop around and such. Sheesh, have some compassion, not all jobs are 9 to 5, 5 days a week.

Baba · 10-23-2013, 08:48 AM

Quote:

Originally Posted by Del's12SS

WOW..... I have met the Judge, Jury and executioner.

I didn't mean it THAT BAD.

Baba · 10-23-2013, 08:52 AM

Quote:

Originally Posted by Yendor

...

Sorry Baba doesn't understand that some people work for a living and don't have time to shop around and such. Sheesh, have some compassion, not all jobs are 9 to 5, 5 days a week.

I do understand. I'm in the health care field. If I have a Dr's. or dental appt. my employer makes take the entire day off - for a 1 hr. appt. I'll make for 1st thing in the morning.

NO ONE is so darned busy that they can't find 5 minutes during "normal" business hours to get something like this rolling - unless they're in the middle of performing surgery or diffusing explosives.

Interestingly enough, EVERY ONE has time to gab on their cell phone or go to McDonald's. It's a matter of priorities and desire.

BigB · 10-23-2013, 09:17 AM

Credit unions are usually great options. I got 2.49% last week through mine and they do a "Gold Key Draft" program. You give them info on the car you're looking at and in my case they held the loan to my trade as well and they run some numbers and come up with a scenario I should be able to negotiate for at the dealership. The CU cut me a check for a limit based on those numbers and I walked into the dealership as a cash customer. They didn't like it because they couldn't play the payment game with me and even tried to tell me they could probably find another CU to beat my rate if I wanted to try (which was their way of saying we want to control this deal), but eventually they buckled and took my final offer. Check + Trade = Camaro OTD.

At the end of the day the temptation of just cashing a check and receiving a clear title moved them my way. Great option if you can find a CU or Bank with a similar program.

Also I did 90% of the "work" via email on my phone while I was working. The other time was a 5 minute phone call and the 10 minutes it took to close the loan the day we went to the dealership.

SlingShot · 10-23-2013, 09:38 AM

IMO always get pre approved for the best rates. The dealer will always try and bump it a point or two for their own profit. We just picked up a new loan on a Sonic for my kid at a rate of 1.9 from BoA. Make sure you get an approval letter from the bank, so there are no issues at the dealer.

10-22-2013, 10:46 PM	#1
jshaf Montani Semper Liberi Drives: 2011 Black 2SS/RS w/ IOM stripes Join Date: Feb 2010 Location: Masontown, WV Posts: 4,841	getting pre-approved with dealership for loan is it a smart thing to do? if the car you want is there and you want to save some wait time when you get there. __________________ Stainless Works 1 7/8 Long Tude Headers, Stainless Works High Flow Cats, Stainless Works Retro Chambered Catback, Z/28 Air Intake, RDP Tuned, FR41 Chrome Rims, 1100W stereo, 35% Tint

10-22-2013, 11:02 PM	#3
jshaf Montani Semper Liberi Drives: 2011 Black 2SS/RS w/ IOM stripes Join Date: Feb 2010 Location: Masontown, WV Posts: 4,841	I work through out the week and don't have the time to shop around, figured if I applied say tomorrow on line that would give them a couple days to find the best rate and such. I found a 1SS equipped the way I want and have been in contact with them and I am supposed to go down there Saturday. It is 4 hours drive from here, just figured it might be a good idea since I will probably be doing it when I get there anyway. __________________ Stainless Works 1 7/8 Long Tude Headers, Stainless Works High Flow Cats, Stainless Works Retro Chambered Catback, Z/28 Air Intake, RDP Tuned, FR41 Chrome Rims, 1100W stereo, 35% Tint

10-23-2013, 08:04 AM	#9
Del's12SS Drives: 2012 Camaro SS/RS Convertible Join Date: Feb 2013 Location: Wyoming, MI Posts: 566 View My Garage	WOW..... I have met the Judge, Jury and executioner. __________________

10-23-2013, 08:23 AM	#10
Yendor Drives: 2017 Camaro 1SS 1LE Hyper Blue Join Date: Mar 2013 Location: Minnesota Posts: 661	We're dealing with a similar situation. My wife took yesterday off to get the bank rate, they called her back but she was not in a position to take notes (on a walk with the dog) so she told them to call back in 10 mins. She still hasn't heard back from them. OUr drive to her new truck is 4 hours away. Sorry Baba doesn't understand that some people work for a living and don't have time to shop around and such. Sheesh, have some compassion, not all jobs are 9 to 5, 5 days a week. __________________ 2017 Camaro 1SS 1LE Hyper Blue

10-23-2013, 09:38 AM	#14
SlingShot Drives: 2012 ZL1 - #670 Join Date: Jun 2009 Location: Seminole, Fl. Posts: 8,009	IMO always get pre approved for the best rates. The dealer will always try and bump it a point or two for their own profit. We just picked up a new loan on a Sonic for my kid at a rate of 1.9 from BoA. Make sure you get an approval letter from the bank, so there are no issues at the dealer. __________________

10-22-2013, 10:53 PM	#2
LikaRokBowTie Drives: 221SS1LE Join Date: Oct 2008 Location: on your 6 Posts: 990	Well that all depends on the rate you're getting,have you rate shopped,are you a Credit Union member,a lot of things go into making this decision.

10-22-2013, 11:14 PM	#4
LikaRokBowTie Drives: 221SS1LE Join Date: Oct 2008 Location: on your 6 Posts: 990	You would be better off having something to show numbers wise,in case they throw some high ass rate at you,which if they know you're driving 4hrs.for this car they could very well be ready to pull something on you.I went with the dealer only after they said they would give me a better rate than the bank.Check online for rates and do you have any idea what the dealer is offering on the int.rates.

10-22-2013, 11:28 PM	#6
LikaRokBowTie Drives: 221SS1LE Join Date: Oct 2008 Location: on your 6 Posts: 990	Not sure about road loans(not familiar)there are plenty of reputable lenders ie...lending tree,capital one and many others,best to stick with the major lenders so you know what you're getting,is this car a 13 or 14.

10-23-2013, 06:22 AM	#7
baum Drives: 2013 1LS, 2013 Ram 1500 Join Date: Mar 2013 Location: Minneapolis, mn Posts: 645	If you have good credit and you know you will have no issues getting it, its not necessary. I purchased my truck on a saturday. in and out in about 3-4 hours and thats with a 60mile test drive.

10-23-2013, 09:17 AM	#13
BigB Drives: 2014 2SS/RS L99 in BRM Join Date: Oct 2013 Location: Knoxville, TN Posts: 22	Credit unions are usually great options. I got 2.49% last week through mine and they do a "Gold Key Draft" program. You give them info on the car you're looking at and in my case they held the loan to my trade as well and they run some numbers and come up with a scenario I should be able to negotiate for at the dealership. The CU cut me a check for a limit based on those numbers and I walked into the dealership as a cash customer. They didn't like it because they couldn't play the payment game with me and even tried to tell me they could probably find another CU to beat my rate if I wanted to try (which was their way of saying we want to control this deal), but eventually they buckled and took my final offer. Check + Trade = Camaro OTD. At the end of the day the temptation of just cashing a check and receiving a clear title moved them my way. Great option if you can find a CU or Bank with a similar program. Also I did 90% of the "work" via email on my phone while I was working. The other time was a 5 minute phone call and the 10 minutes it took to close the loan the day we went to the dealership.