When can you apply for Financing? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

levi1922 · 09-17-2009, 02:32 PM

i have not ordered a car before, so when i bought a new car, i always got the financing through GMAC the day that i decided to buy the car, the same day i picked it up.

But i have read on here that people are applying for the loan as soon as they have the VIN number. Once i get my vin, would i be able to get the out the door price from my sales man, then go to a credit union or bank? What else do i need? and if i do decide to use GMAC, can i do that once i have the VIN to?

Thanks for the help.

coolman · 09-17-2009, 02:38 PM

It depends on where you get the money. My credit union only gives you 120 days to use an auto draft after you apply for it. So, you want to make sure the car will be in before that. If your going through the dealer they can get you preaproved. If your credit is good and you don't own to much for what you bring in it shouldn't be a problem.

jrboyd_1980 · 09-17-2009, 02:42 PM

On average drafts are valid for 30-45 days, depends on bank

crzycicada · 09-17-2009, 02:48 PM

It's 'usually' just a few weeks between getting a VIN number and actually receiving the car so most folks apply for financing then because most places will give you a quote that's good for XX number days. It depends on the place, but it can vary from 30, 60, 90, or more days. It's important to find out. Once you find out that'll dictate when you should apply for financing.

For me, I waited until I knew it was on a train heading my way. My quote was good for 60 days but I figured something could stall it if it were still at the factory.

To answer your questions, you should be able to get an out the door price now. They know the price of the car, TTL, etc. You'll need to decide now though if you want to get extra stuff like warranties and the like. Easier option though is get pre-approved for however much to cover everything (not including your down payment just in case) and they should provide you a way to purchase the car. Either information on how to do that or, like what my credit union did, sent me a check with a not to exceed price and I took it to my dealer and signed it over to them. Easy!

coronado89 · 09-17-2009, 03:00 PM

I would get my out the door price as soon as I get my vin and ask for your purchase order to take to the bank that gets u the best interest rate.

levi1922 · 09-17-2009, 04:08 PM

okay, thank you all for the responses!

09-17-2009, 02:32 PM	#1
levi1922 Drives: 2LT RS CGM Join Date: Apr 2009 Location: Texas Posts: 1,378	When can you apply for Financing? i have not ordered a car before, so when i bought a new car, i always got the financing through GMAC the day that i decided to buy the car, the same day i picked it up. But i have read on here that people are applying for the loan as soon as they have the VIN number. Once i get my vin, would i be able to get the out the door price from my sales man, then go to a credit union or bank? What else do i need? and if i do decide to use GMAC, can i do that once i have the VIN to? Thanks for the help. __________________

09-17-2009, 02:48 PM	#4
crzycicada Drives: 2SS/RS/LS3 Join Date: Jul 2009 Location: Houston Posts: 294	It's 'usually' just a few weeks between getting a VIN number and actually receiving the car so most folks apply for financing then because most places will give you a quote that's good for XX number days. It depends on the place, but it can vary from 30, 60, 90, or more days. It's important to find out. Once you find out that'll dictate when you should apply for financing. For me, I waited until I knew it was on a train heading my way. My quote was good for 60 days but I figured something could stall it if it were still at the factory. To answer your questions, you should be able to get an out the door price now. They know the price of the car, TTL, etc. You'll need to decide now though if you want to get extra stuff like warranties and the like. Easier option though is get pre-approved for however much to cover everything (not including your down payment just in case) and they should provide you a way to purchase the car. Either information on how to do that or, like what my credit union did, sent me a check with a not to exceed price and I took it to my dealer and signed it over to them. Easy! __________________ Order date: 7/17/09 3000 TPW: 8/17/09 3400 status on 8/11/09 3800: 8/21/09 4200: 8/24/09 on rail car ETTX850796 5000/6000: 9/2/09

09-17-2009, 04:08 PM	#6
levi1922 Drives: 2LT RS CGM Join Date: Apr 2009 Location: Texas Posts: 1,378	okay, thank you all for the responses! __________________

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09-17-2009, 02:38 PM	#2
coolman Guest Join Date: Jun 2009 Location: PA Posts: 4,812	It depends on where you get the money. My credit union only gives you 120 days to use an auto draft after you apply for it. So, you want to make sure the car will be in before that. If your going through the dealer they can get you preaproved. If your credit is good and you don't own to much for what you bring in it shouldn't be a problem.

09-17-2009, 02:42 PM	#3
jrboyd_1980 A ***'s Headache Drives: Everything Join Date: Aug 2009 Location: Texas Posts: 2,174	On average drafts are valid for 30-45 days, depends on bank

09-17-2009, 03:00 PM	#5
coronado89 Drives: 2010 SS F1-D procharger, Join Date: Jul 2009 Location: Brownsville, Tx Posts: 126	I would get my out the door price as soon as I get my vin and ask for your purchase order to take to the bank that gets u the best interest rate.