I have been trying to find some info on auto loans by Andrews FCU but haven't found much. Do any of you have any info on them? I know they are offering a very low 1.59% apr on used cars that I would def qualify for but im just wondering how their process works? I wonder if they issue a blank check like a lot of other banks? I don't know how much im needing just yet but it would def be nice to go ahead and get financing out of the way. Any info is greatly appreciated!
If you know your budget and terms... as in you know your Max amount you are willing to finance.. you can get preapproved up front.
I think i pretty much know the max im willing to spend so how does the pre-approval work? Im new to auto loans so im not to familiar with anything lol. do i just apply for the max im willing to spend and apply for that amount? but lets say i apply for 20k but i find a car that i want thats only 15k, what happens then?
If you find a car that you want for 15k don't tell the dealership you're preapproved for 20k. When you agree on the price; call Andrews and tell them that the draft will be for 15k. The money is transferred via wire. The draft check is just an instrument to document the security instrument in the car.... my draft check has a place to write the VIN on it.
ahhh ok, starting to make more sense to me now, lol, Thanks Web!
Well i just took the plunge and app'd! looks like i will know something tomorrow morning. Keeping my fingers crossed thati get approved and with the 1.59%, it wouldbe freakin awesome! This is my first-ever auto loan app, so i hope it turns out good lol im extremly nervous! The fact that i have to find a car ASAP doesnt help much haha but maybe all will be well! i will def come back and update once i find out something!