Apply for auto loan online?

racer-x · ‎07-20-2014

If I were to apply for a used vehicle auto loan tonight and online, how quickly do funds hit your account if instantly approved? I have DCU, USAA, US Bank, Chase, GECU checking accounts.

US Bank gets most of my direct deposit, the rest goes to my local CU, General Electric. US Bank, GECU and Chase are local to me.

My EX is my highest score. I don't trust myfico EQ anymore. I believe it's in the 675 range as of 2 wks ago, and not 730 as seen here on the new fomula myfico is using.

I guess my question is, if I app'd for Cap one auto tonight and was given a $30,000 instant approval, what are the next steps? Same goes for BOA.

Creditaddict · ‎07-20-2014

@racer-x wrote:
If I were to apply for a used vehicle auto loan tonight and online, how quickly do funds hit your account if instantly approved? I have DCU, USAA, US Bank, Chase, GECU checking accounts.
US Bank gets most of my direct deposit, the rest goes to my local CU, General Electric. US Bank, GECU and Chase are local to me.

My EX is my highest score. I don't trust myfico EQ anymore. I believe it's in the 675 range as of 2 wks ago, and not 730 as seen here on the new fomula myfico is using.

I guess my question is, if I app'd for Cap one auto tonight and was given a $30,000 instant approval, what are the next steps? Same goes for BOA.

funds will never come to you if you are buying a car from dealership... you will be pre-approved for an amount within a year and mileage etc and upon finding what you want you call in with the details and they will fax over to dealership.

if you have the car free and clear and are trying to take a loan out on it that is something different.

racer-x · ‎07-20-2014

After more research, I decided to app online with DCU. Asked for $13k and instantly approved at 1.74%, pending me sending in my latest checkstub. The truck has hiiiiigggghhhh miles for a 2009, 231k. KBB and NADA still has the truck at $21k average retail. Trade-in value at $16k. Dealership is asking $13.9K. Truck looks like a 60k mile vehicle.

I only drive my personal vehicle about 4k miles a year which is 2001 Chevy 2500 HD crewcab 4x4 truck (175k miles). Mileage doesn't bother me too much on vehicles. I have an 07 E250 15 passenger van with 220k, a 95 chevy 2500 truck with 325k....0 problems in 5 yrs.

I entered the mileage of the truck on the online app. Nothing popped up and I didn't read any vehicle eligibility requirements concerning mileage or year for that matter.