Financing...I need some insight. - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

BMTGIE · 02-21-2014, 03:19 PM

Okay...

I got pre-approved for 30k from my credit union,

The car I want sale price is $35700, I'm pretty sure I can get the car below that.

Factor in TT&L the car may come out to $37k+

I have 7,500-8 to put down, will the credit union just finance the remaining balance?

Or normally when they give you an pre-approved amount, its for the total amount of the new car including TT&L and no down payment?

I didn't ask for 37k from the get go because I probably would not have gotten it. (new job, short credit history, and etc)

I will make well over 55k this yr. so affording the car will not be a problem.

BMTGIE · 02-21-2014, 04:11 PM

Understand I went about this wrong...First time buying a car myself.

BRMike · 02-21-2014, 07:48 PM

If the bank has approved a $30,000 loan, anything beyond that will have to come out of your pocket. As an example, if the total price comes to $35,000 and you decide to put down $7,000 the bank would loan you the balance of $28,000.

Bad@ssCamaro · 02-21-2014, 08:39 PM

I would just ask for an OTD price of 37K. If they counteroffer more than the loan plus your deposit, tell them you'll think about it and get back to them and keep looking for that other deal that would work better in your favor. There are thousands of dealerships out there

Also, ask them about ALL of their fees that are included in the price. Some of those are padded more than they should be.

oldfriend · 02-21-2014, 09:08 PM

Have a glass of wine , take a deep breath , and bargain those guys down until you gett what you want , for the price you want it !
Simple as that , don't blink first , let him do it first

STI_TO_SS? · 02-21-2014, 10:32 PM

I agree with old friend. You have a pre-approved loan, a down, and a steady income. Tell them your price, prove to them you are serious (share documentation to extent needed/reasonable) , give them your phone number, and then go have dinner/lunch. Make sure they understand your out-the-door price offer, and leave. Let them squirm and wonder if you are coming back. when you come back, watch the numbers closely. If they deviate, walk. Don't let them waste your time and hold your ground.

Dadnkid · 02-22-2014, 06:23 AM

Now that you already have a pre approved amount. Talk the dealer down. Once you get to an price agreement, let them find a financier for you. I would keep that you already have a backer as my ace in the pocket. If they get someone at a interest rate you're happy with then, let your bank know that and see if they can match. If they can and they usually will, then you're set. If not, then you have a choice to make.

baum · 02-24-2014, 07:25 AM

Im a low-baller type especially at a dealer. if it was me i would start at like 32k +ttl.

The plus about you being pre-approved is they dont need to worry about trying to get you financed so its a guaranteed sale for them.

*The_Blur* · 02-24-2014, 07:39 AM

A pre-approval guarantees you the amount on the check. If you have $8k down and the car costs $37,500, you can already afford the car.

Also, cars don't have "sale" prices. That's a ploy. You can negotiate invoice or better. Please review my sticky (link in sig).

JasonK · 02-24-2014, 08:35 AM

GM financing? If your Credit Union approved you for that, I could not imagine you could not have the dealer finance the entire purchase.

BMTGIE · 02-26-2014, 03:26 AM

thank all you guys for your input.

02-21-2014, 03:19 PM	#1
BMTGIE Drives: 2014 RRM SS/ 2011 Black LS Join Date: May 2011 Location: Texas Posts: 305	Financing...I need some insight. Okay... I got pre-approved for 30k from my credit union, The car I want sale price is $35700, I'm pretty sure I can get the car below that. Factor in TT&L the car may come out to $37k+ I have 7,500-8 to put down, will the credit union just finance the remaining balance? Or normally when they give you an pre-approved amount, its for the total amount of the new car including TT&L and no down payment? I didn't ask for 37k from the get go because I probably would not have gotten it. (new job, short credit history, and etc) I will make well over 55k this yr. so affording the car will not be a problem. Last edited by BMTGIE; 02-21-2014 at 04:12 PM.

02-21-2014, 08:39 PM	#4
Bad@ssCamaro BeckyD Rocks :-) Drives: 2015 1SS/1LE Join Date: Sep 2009 Location: CT Posts: 5,781 View My Garage	I would just ask for an OTD price of 37K. If they counteroffer more than the loan plus your deposit, tell them you'll think about it and get back to them and keep looking for that other deal that would work better in your favor. There are thousands of dealerships out there Also, ask them about ALL of their fees that are included in the price. Some of those are padded more than they should be. __________________ 2015 CRT 1SS/1LE RS/Recaro's/NPP/Nav/Rear vision pkg./BA speaker upgrade. Stage 3 BMR cam, ARH 1 7/8 headers, CAI, BMR 1.25 drop springs, JPSS Billet Bushings, Peddars Cradle Bushings...460 whp...so far....SOLD, but not forgotten!

02-21-2014, 10:32 PM	#6
STI_TO_SS? Drives: '14 2SS RS 1LE Join Date: May 2009 Location: Charleston Posts: 31	I agree with old friend. You have a pre-approved loan, a down, and a steady income. Tell them your price, prove to them you are serious (share documentation to extent needed/reasonable) , give them your phone number, and then go have dinner/lunch. Make sure they understand your out-the-door price offer, and leave. Let them squirm and wonder if you are coming back. when you come back, watch the numbers closely. If they deviate, walk. Don't let them waste your time and hold your ground. __________________ Current Daily Driver: 2014 AGM 2SS 1LE Past DD/Track: 2006 Subaru Impreza WRX STI Stage II Current Track: 1995 BMW M3, Past Track: Supercharged Miata Past muscle: 1988 RS Camaro, 1966 Mustang GT Past rice: 1985 Toyota Corolla GT-S

02-24-2014, 07:39 AM	#9
The_Blur Moderator Drives: 2018 Harley-Davidson Street Bob Join Date: Nov 2007 Location: San Diego Posts: 14,768	A pre-approval guarantees you the amount on the check. If you have $8k down and the car costs $37,500, you can already afford the car. Also, cars don't have "sale" prices. That's a ploy. You can negotiate invoice or better. Please review my sticky (link in sig). __________________ RDP Motorsport//GEN5DIY//Cultrag Performance//JPSS//Rodgets Chevrolet// Operation Demon//Buy at Invoice//RACECARWEAR RESPECT ALL CARS. LOVE YOUR OWN. warn 145:159 ban

02-21-2014, 04:11 PM	#2
BMTGIE Drives: 2014 RRM SS/ 2011 Black LS Join Date: May 2011 Location: Texas Posts: 305	Understand I went about this wrong...First time buying a car myself.

02-21-2014, 07:48 PM	#3
BRMike Drives: 2017 Corvette Join Date: Jan 2011 Location: Denham Springs, LA/Destin, FL Posts: 459 View My Garage	If the bank has approved a $30,000 loan, anything beyond that will have to come out of your pocket. As an example, if the total price comes to $35,000 and you decide to put down $7,000 the bank would loan you the balance of $28,000.

02-21-2014, 09:08 PM	#5
oldfriend Drives: Fiat 500 E Join Date: Dec 2009 Location: 32.7607/N. 16.95947/W Posts: 7,816 View My Garage	Have a glass of wine , take a deep breath , and bargain those guys down until you gett what you want , for the price you want it ! Simple as that , don't blink first , let him do it first

02-22-2014, 06:23 AM	#7
Dadnkid Drives: 2015 Camaro SS, 2016 Suburban Join Date: Jul 2012 Location: Beale AFB, CA Posts: 238	Now that you already have a pre approved amount. Talk the dealer down. Once you get to an price agreement, let them find a financier for you. I would keep that you already have a backer as my ace in the pocket. If they get someone at a interest rate you're happy with then, let your bank know that and see if they can match. If they can and they usually will, then you're set. If not, then you have a choice to make.

02-24-2014, 07:25 AM	#8
baum Drives: 2013 1LS, 2013 Ram 1500 Join Date: Mar 2013 Location: Minneapolis, mn Posts: 645	Im a low-baller type especially at a dealer. if it was me i would start at like 32k +ttl. The plus about you being pre-approved is they dont need to worry about trying to get you financed so its a guaranteed sale for them.

02-24-2014, 08:35 AM	#10
JasonK Drives: 2010 Camaro Join Date: Aug 2010 Location: Topeka, Kansas Posts: 713 View My Garage	GM financing? If your Credit Union approved you for that, I could not imagine you could not have the dealer finance the entire purchase.

02-26-2014, 03:26 AM	#11
BMTGIE Drives: 2014 RRM SS/ 2011 Black LS Join Date: May 2011 Location: Texas Posts: 305	thank all you guys for your input.