Pre-Approval - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

TJ91 · 03-29-2009, 04:16 PM

Hey guys, i just was wondering if anyone here knew how long a persons pre-approval lasts. I want to do the re-approval asap so that i can be well prepared for delivery in May!

PQ · 03-29-2009, 04:25 PM

Quote:

Originally Posted by TJ91

Hey guys, i just was wondering if anyone here knew how long a persons pre-approval lasts. I want to do the re-approval asap so that i can be well prepared for delivery in May!

I think the standard is 90 days. But probably varies from bank to bank.

Chewy · 03-29-2009, 04:25 PM

i think mine lasted 60 days last time i financed...didn't take long to get - so i'd wait till you get your VIN #

you'll get your check w/ in a couple weeks it takes your car to be delivered, and your pre-approval won't expire by then

TJ91 · 03-29-2009, 04:46 PM

Thanks for the quick responses

Mr_Draco · 03-29-2009, 04:51 PM

Varies from 30-90 days with most being either 60 or 90. When you get pre-approved, read the paper work or ask the loan officer. They will be able to tell you and it will be printed on the paperwork.

CanadianCamaro · 03-29-2009, 09:59 PM

Dennis it depends on the bank / financial institution, the type of loan instrument you're applying for and your credit situation. With all due respect to the above respondants I see these are all from the US. Our banking system is significantly different.

The best thing to do is talk to your bank (and a couple others) and ask them directly. I would guess (knowing a bit about your situation) that you should count on 30 days but it wouldn't surpise me if it was less. Also depends if you'll have a co-signer (not registered in your name?).

A few years ago I had a pre approval in less than 24 hours. Now I either buy outright or go through GMAC (if the rates are good) and in that case the approval is done in less than an hour (at least it has been for me - maybe b/c I'm financing less thank 1/2 the purchase price).
Anyway - Talk to your bank.

Riderover40 · 03-29-2009, 10:19 PM

Quote:

Originally Posted by TJ91

Hey guys, i just was wondering if anyone here knew how long a persons pre-approval lasts. I want to do the re-approval asap so that i can be well prepared for delivery in May!

Usually 90 days .... I did have a mortgage preapp for 6 months but personal loans for cars are 90 days.

Vash · 03-30-2009, 05:59 AM

Yea check without whoever you applied. Your screwed a few FICO points if you don't buy now

Txturbo · 03-30-2009, 06:46 AM

I've gotten them before on cars and they were only good for 30 days. Depends on the financial institution. Wait until you get a VIN, then apply.

joepitt · 03-31-2009, 06:57 AM

My credit union is 90 days. HOWEVER, the interest rate is the one in effect when the loan is actually made, not when you get the approval, which could be good or bad. I would wait until the car is shipped to get the loan. Something could happen and it may not get made in the TPW.

BryGo · 03-31-2009, 10:43 AM

Quote:

Originally Posted by irpq11

I think the standard is 90 days. But probably varies from bank to bank.

What irpq said is spot on.

TJ91 · 03-31-2009, 03:01 PM

Thanks for all the answers guys, im planning to go through GMAC, rate is 5.9 not bad. So ill be going for a pre-approval closer to delivery now.

03-29-2009, 04:16 PM	#1
TJ91 :chevy: Drives: 2LT/RS Join Date: Jun 2008 Location: Toronto Posts: 12,346	Pre-Approval Hey guys, i just was wondering if anyone here knew how long a persons pre-approval lasts. I want to do the re-approval asap so that i can be well prepared for delivery in May!

03-29-2009, 04:25 PM	#3
Chewy My boredom isn't safe Drives: 2010 SS Camaro Join Date: Sep 2008 Location: Jacksonville, FL Posts: 1,255 View My Garage	i think mine lasted 60 days last time i financed...didn't take long to get - so i'd wait till you get your VIN # you'll get your check w/ in a couple weeks it takes your car to be delivered, and your pre-approval won't expire by then __________________

03-29-2009, 09:59 PM	#6
CanadianCamaro Drives: 2SS/RS IOM - A.K.A. DA ;) Join Date: Jan 2009 Location: Ontario Canada Posts: 1,946	Dennis it depends on the bank / financial institution, the type of loan instrument you're applying for and your credit situation. With all due respect to the above respondants I see these are all from the US. Our banking system is significantly different. The best thing to do is talk to your bank (and a couple others) and ask them directly. I would guess (knowing a bit about your situation) that you should count on 30 days but it wouldn't surpise me if it was less. Also depends if you'll have a co-signer (not registered in your name?). A few years ago I had a pre approval in less than 24 hours. Now I either buy outright or go through GMAC (if the rates are good) and in that case the approval is done in less than an hour (at least it has been for me - maybe b/c I'm financing less thank 1/2 the purchase price). Anyway - Talk to your bank. __________________ "BBOMG - More than just a car show.... It's an experience!" For all the details on BBOMG-4 taking place in St. Catharines Ontario, Click Here!

03-30-2009, 06:46 AM	#9
Txturbo Keeper of the Faith Drives: 2001 Z28 Agressively Join Date: Apr 2008 Location: Rosenberg,Texas Posts: 1,382 View My Garage	I've gotten them before on cars and they were only good for 30 days. Depends on the financial institution. Wait until you get a VIN, then apply. __________________ 2010 Camaro SS R6P 2001 Camaro Z28 1969 Camaro SS clone

03-31-2009, 06:57 AM	#10
joepitt Drives: 2010 LT2 Camaro, 2008 Enclave Join Date: Nov 2008 Location: Maryland Posts: 460	My credit union is 90 days. HOWEVER, the interest rate is the one in effect when the loan is actually made, not when you get the approval, which could be good or bad. I would wait until the car is shipped to get the loan. Something could happen and it may not get made in the TPW. __________________ It's HERE! 2013 2LT/RS, Auto, Red Crystal, Tan Interior, polished aluminum wheels, Nav. Past highlights: 2010 pre-order Camaro 2LT,1969 Chevy Malibu, 1972 Plymouth 'Cuda, 1972 Pontiac GTO, 1979 Turbo Buick Century. 'See the USA in your Chevrolet...' Dinah Shore, 1952: http://www.youtube.com/watch?v=KGZvQoPxhNs

03-29-2009, 04:46 PM	#4
TJ91 :chevy: Drives: 2LT/RS Join Date: Jun 2008 Location: Toronto Posts: 12,346	Thanks for the quick responses

03-29-2009, 04:51 PM	#5
Mr_Draco Drives: 2SS/RS Join Date: Sep 2008 Location: Western North Carolina Posts: 5,177	Varies from 30-90 days with most being either 60 or 90. When you get pre-approved, read the paper work or ask the loan officer. They will be able to tell you and it will be printed on the paperwork.

03-30-2009, 05:59 AM	#8
Vash Drives: 00 Blazer Join Date: Aug 2008 Location: Texas Posts: 5,128	Yea check without whoever you applied. Your screwed a few FICO points if you don't buy now

03-31-2009, 03:01 PM	#12
TJ91 :chevy: Drives: 2LT/RS Join Date: Jun 2008 Location: Toronto Posts: 12,346	Thanks for all the answers guys, im planning to go through GMAC, rate is 5.9 not bad. So ill be going for a pre-approval closer to delivery now.

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