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Old 12-30-2009, 08:28 PM   #1
tmac1granger33
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Credit Union Loan???

Im planning on getting a 5-6k car loan from my credit union. Do they go through the actual dealership or will they write me a check or whatever it is they do?

Thanks, chris
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Old 12-30-2009, 09:10 PM   #2
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Im planning on getting a 5-6k car loan from my credit union. Do they go through the actual dealership or will they write me a check or whatever it is they do?

Thanks, chris
Depends on the credit union and they are all different in the way they do things, some will right you a check the day you are approved, some will write a check when you tell them the car is there, some will contact the dealership to make sure it is there, some will send the check to the dealership so you won't get the car until the dealer gets the check, etc. The only way to know is to call them and ask, no one on this board can answer this question for you.
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Old 12-30-2009, 09:12 PM   #3
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true i didnt know that! they were closed today but ill try tomarow .. thank you
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Old 12-30-2009, 09:20 PM   #4
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The credit union should write a check to you and the dealer, the credit union then becomes a lein holder on the car. They usually want a vin and some official paperwork from the dealer, say a sales agreement. Don't get the check from the credit union before the car is ready to be picked up as your payments will be due sooner. If you got the check 30 days before you take delivery your first payment may be due the day you take delivery. Get answers from your credit union in advance so there won't be any surprises.
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Old 12-30-2009, 09:27 PM   #5
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I got my car through my CU. I never saw a check. My dealer faxed my CU a purchase agreement with the cost to finance. Then my CU faxed back an approval letter and the car was mine. The rest was all handled behind the scenes. Since there is no actual "money" anymore and everything is done electronically, it was very quick and easy. I did all my paperwork before the car even hit the dealership. I went in the minute it showed up and checked it out. Went back after work and drove it home. No fuss, no muss.
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Old 12-30-2009, 09:43 PM   #6
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While it can be done any way you listed, one thing is for certain. If you go exclusively through the dealership to finance the purchase through your credit union it WILL cost your credit union money. Your credit union will have to pay the dealer between 1% and 2% of the loan amount for processing the loan. If you go directly to your credit union you will save the CU money and save yourself some hassle in the F&I office. You will also be able to purchase extended warranty, GAP, credit life/credit disability insurance for prices MUCH lower than at the dealer.
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Old 12-30-2009, 09:45 PM   #7
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So since my CU will be the lean holder i will still have to carry inurance like financing through one of the dealerships banks correct? I thought I was gonna get away with just liability like i have now since my car is payed off
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Old 12-30-2009, 10:04 PM   #8
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So since my CU will be the lean holder i will still have to carry inurance like financing through one of the dealerships banks correct? I thought I was gonna get away with just liability like i have now since my car is payed off
That is correct. You will be required to carry full coverage, comp and collision, as long as you have a loan on the vehicle.

Though, even without a lien holder, it is not wise to have a valuable asset left uninsured.
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Old 12-30-2009, 10:07 PM   #9
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That is correct. You will be required to carry full coverage, comp and collision, as long as you have a loan on the vehicle.

Though, even without a lien holder, it is not wise to have a valuable asset left uninsured.
your right. I guess ill just have to put around 19k down and save the other thousand i have for my insurance.
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Old 12-30-2009, 10:17 PM   #10
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So since my CU will be the lean holder i will still have to carry inurance like financing through one of the dealerships banks correct? I thought I was gonna get away with just liability like i have now since my car is payed off
Depends on the loan. If you take out a New Car Loan then yes you will have to carry full coverage. However if you go and ask for a Personal Loan and don't tell them it's for a new car, then you won't have to carry full coverage BUT in your situation, qualifying for a $6k Personal Loan will be a lot harder if not impossible then a $6k New Car Loan would be.
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Old 12-30-2009, 10:25 PM   #11
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Depends on the loan. If you take out a New Car Loan then yes you will have to carry full coverage. However if you go and ask for a Personal Loan and don't tell them it's for a new car, then you won't have to carry full coverage BUT in your situation, qualifying for a $6k Personal Loan will be a lot harder if not impossible then a $6k New Car Loan would be.
Ya with no credit i bet its impossible! 1800 bucks premium every six months from geico sucks lol I hope i can pay monthly
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