which loans give complete approvals before buying

[futurehomeowner?]

I want to go to the dealer ship with an approvAL in hand. Obviously would like a good rate as well but I am ok with a slightly higher rate as well.

 

I know all banks give auto loans but was curious as to which banks are most popular on here that would also give a pre approval. Capital one is out since I burnt them 15 years ago.

[bigpoppa09]

Why do u say u are out Cap 1 has gave people credit right after burning them in a Chap 7 check the Cap 1 auto loan Pre Qual then u will know

[futurehomeowner?]

It is a long story but it wasn't a bankruptcy. The short story. I did one of the they send you a check loan. When my company went bad I tried turning in the car. They said no so I kept car. They have never come to get the car, but I can't drive it because I don't have the title or a plate. This was 10 years ago. I think it is best to stay away from them.

[BRBiz]

Honestly it's probably purged from their system.

 

But besides that depending upon your scores CU's are the way to go other then the dealer.

[futurehomeowner?]

After looking around all last night it appears that CUS are the best in rates.

 

Are they difficult to deal with? If I called DCU today to sign up. I assume I would have to open a checking then apply for the loan? If that is the case any idea how long it takes to go from start to buying a car? I know there are always different circumstances but is this a process that can be done in 2 or 3 days or is it a 2 week type of process.

 

Lastly, how do I actually buy a car with their approval. Do they send a blank check like cap one or is it just letter you take with you and they submit the paper work to them?

 

I know these are all questions that I could call and ask but I am still trying to figure things out.

[bigpoppa09]

If DCU gives u preapproval they will tell u how much u can spend just go to a dealer find the car u want and they will submit paperwork to DCU and then DCU will cut them a check. actualy u should just call them and apply i think if they approve u are automaticly a member.

[futurehomeowner?]

I am going to call them tomorrow. I was reading their FAQS and it seems that you get pre approved, find a car, submit paperwork, check is sent next day for a fee, then dealer gives you car. Is that the same thing that happens on normal loans? They way it makes it seem is that you have to make a second trip to dealer. Maybe thay is standard but dealers let you take car that day instead of coming back?

[bigpoppa09]

yep u will leave with car same day.

[MarvBear]

If you have a credit union draft, you can go home with the vehicle the same day.

[futurehomeowner?]

Ok so I ended up apping for PNC blank check program. I am going to pick up my check today and packet. My score is lower than originally anticipated because of a credit card not reporting yet. I will update the credit approvals thread when I get the paxket and my score later today.

 

My question is. I am approved for 3.4 at 72 months. Should I let the dealer see if they can beat it? My score will increase because of the util dropping. Is it realistic that a dealer can beat that rate?

[MarvBear]

if PNC gave you 3.4%, leave it alone with the dealer, take the draft and buy a vehicle with it.

[futurehomeowner?]

I just went with my PNC 3.4 for 72 months. I picked up car today.

 

Anyone who is looking for a loan should check out PNC. You can apply online. I received automated instand approval and they will overnight the check to you. It works just like capital ones check.

Edited March 20, 2016 by futurehomeowner?

[Zobelle]

NFCU approved me instantly without vehicle info.

 

I was looking at about 5 different cars and ended up picking one today.

[socalrob]

Penfed 1.5% for 36 mos or 2% for 60 mos. instant approval.

 

Made a lot of sense for me bc Toyota had 3k rebate if I paid cash (penfed draft) or 1k if I financed through Toyota

Edited March 20, 2016 by socalrob

[riverlover10]

I just went with my PNC 3.4 for 72 months. I picked up car today.

 

Anyone who is looking for a loan should check out PNC. You can apply online. I received automated instand approval and they will overnight the check to you. It works just like capital ones check.

 

Nice! What were/are your scores?

[futurehomeowner?]

 

I just went with my PNC 3.4 for 72 months. I picked up car today.

 

Anyone who is looking for a loan should check out PNC. You can apply online. I received automated instand approval and they will overnight the check to you. It works just like capital ones check.

Nice! What were/are your scores?

They only pulled 1, I think it was ex but I could be wrong. It was 709.

[Zobelle]

I ended up going with Penfed for my auto loan as they very handily beat out NFCU's 4.99% by 2%.