Question to those who bought/ordered with their own financing.

[Clypherus]

I appreciate you taking the time to read. I received a call letting me know I was approved for the loan. I will be ordering my car so, am I supposed to receive some sort of document to show the dealer? Loan is good for 30 days, the car takes longer to get built... How did you do it?

[PatsRS]

Go for financing right before you get the car, a few days before at least. No telling how long it will be before it shows up. the bank and the dealer will take care of everything the bank will ask for info.

[Clypherus]

So was I supposed to order the car first? I havent even ordered it and already got my financing... Its good for 30 days so I will most likely have to reapply?

[panther2469]

You will have to reapply, unless you find one at a dealer

[Miraclewhip]

Originally Posted by Clypherus

So was I supposed to order the car first? I havent even ordered it and already got my financing... Its good for 30 days so I will most likely have to reapply?

Yes, you will need to re-apply.

Loans are only good for 30 days.

[wholloway6]

My bank (BOA) said they would extend the normal 30 days a week or two if need be as long as I stay in contact with them. Try calling and speaking with a person in the finance/loan department where you got your loan approval.

[Supermaro585HP]

Call the dealer and tell them what rate you got and let them try to match it and you won't have a problem. Most of the time they can match or beat the rate. I'm a used car dealer and I match or beat any rate people get. Good luck...

[Run4two]

I just got a letter from my credit union that I'm pre-approved for 1.9% for 60 months. We'll see if the dealership will beat that.

[PAUL SS]

Keep shopping the rate at local credit unions or research them on line. It sounds like you have good credit so getting approved somewhere won't be a problem. Once your car is built and you have a vin put your application in.

[Miraclewhip]

Originally Posted by Run4two

I just got a letter from my credit union that I'm pre-approved for 1.9% for 60 months. We'll see if the dealership will beat that.

Make sure your not getting scammed in to an introductory 1.9 make sure its simple interest.

1.9 isnt unheard of in a fixed, simple interest no pre-pay penalty loan, but it is very, very hard to get. If its all legit grats you pay your bills good.

[Run4two]

Originally Posted by Miraclewhip

Make sure your not getting scammed in to an introductory 1.9 make sure its simple interest.

1.9 isnt unheard of in a fixed, simple interest no pre-pay penalty loan, but it is very, very hard to get. If its all legit grats you pay your bills good.

I hear ya, My wife and I are teachers and part of Mission Federal Credit Union and have both been teaching for over 20 years. Our credit scores are both over 850 and have been with Mission Fed. from day one of our marriage in 1988.


BTW, My wife and I are thinking about putting 20K on our Am Ex and paying it off completely when the bill comes. We will finance the remainder. We can use the Hilton Honors points for a vaca in the Grand Wailea in Maui!

[Miraclewhip]

Originally Posted by Run4two

I hear ya, My wife and I are teachers and part of Mission Federal Credit Union and have both been teaching for over 20 years. Our credit scores are both over 850 and have been with Mission Fed. from day one of our marriage in 1988.


BTW, My wife and I are thinking about putting 20K on our Am Ex and paying it off completely when the bill comes. We will finance the remainder. We can use the Hilton Honors points for a vaca in the Grand Wailea in Maui!

I stayed at the Westin both times I headed to Maui. But i hear the Grand Wailea is awesome.

"Technically" Down payments on a credit card is illegal, as its considered sending a second note on the car. Plus the fact the CC company charges the dealer a massive fee on the swipe. You "may" not be able to get away with it. But make it make sense for the dealer, and they will make it make sense for you.


@1.9% BTW your total loan for 60 months wont cost you more than 3grand in interest....not a chance id put money down.

(10 years at a dealership, 4 of them in Finance)

[Run4two]

I don't know how much I can put down on the credit card as I am purchasing as part of the American Express Buying Program!

I'm not sure about the legalities. Am Ex is pushing its members to use the card in purchasing cars.

[Johng57]

Usually they(the dealer) may let you put down 2,500 towards the car. That's it, some may not let you put anything down - some may allow the full amount - Miraclewhip was right - However - you can ask AMEX for a check for the amount and deposit it into your bank then convert it to a bank check when you're ready to take delivery. But I don't know if you'll be getting the points with that kind of transaction. My bank - PNC guaranteed my loan for 60 days, then I would simply have to re-apply. Good Luck - hope everything works in your favor.