How does car buying work with pre approval?

[Anonymous]

My fiancé and I are in the market for a new car for me. We are buying it jointly, and financing through our credit union. Because of this, we aren't sure how it exactly works? Neither of us have bought a car with financing before. Once we have been pre approved through the credit union, do we then go to the dealership and say we already have financing? Do we still get to leave with a car? Or do we have to go back to the credit union to finalize everything and let them know what car we bought/want ? I know this is probably something we should already know, but Google is failing me too!

[Anonymous]

Credit union will most likly give you a blank check up to the amount you are approved for, the loan will be for the amount you write the check out for. Good people who give great advice on here, take your time so you don`t get burned.

[fltireguy]

Essentially, tell the dealer that it will be a cash deal. Otherwise, they will come u with 554,332 reasons to let them pull your credit multiple times, and will try to convince you that they can beat your CU rate. 

I had a conversation with a F&I rep last night while my GF was buying a new truck. She mentioned that in almost every case, DCU and CapOne are almost impossible for her to even compete with, as far as rates go..

[Anonymous]

We love our local credit union and will be using them, even if the dealership could beat our rate, we aren't interested and I will be sure to be firm on the "do not run my credit, I'm not interested". We will definitely be sure to ask the credit union how it works (whether they just cut a check to us or not). Thanks guys!

[Sbrooks1]

Just FYI I just had pre approval w cap one and when dealer submitted 8%?, what score is 740 plus and current 2 % UTI, Toyota came back and did 0 for 60! Cap one may not be great as scores get higher

[minski]

---

@Anonymous wrote:

Credit union will most likly give you a blank check up to the amount you are approved for, the loan will be for the amount you write the check out for. Good people who give great advice on here, take your time so you don`t get burned.

---

DCU and Alliant are asking me for the bill of sale before they can proceed with the loan. I'm thinking I need that before I get a check from them. Correct? 

[fltireguy]

What DCU wants is a copy of the sales order, not the bill of sale.. Just have the dealer fax it to them !

[minski]

Alliant is asking for bill of sale. Can anyone tell me about this?

If I don't get offered the 0% dealer financing, I'll be going with Alliant as they are offering me a few thousand dollars more for a lower rate. 

Edit: This is what DCU is requesting from me: 

• PURCHASE & SALES AGREEMENT
• COPY OF DRIVERS LICENSE
• MOST RECENT PAYSTUB

And this is what Alliant is asking from me: I will need the bill of sale from the dealership to continue