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Established Member
Posts: 18
Registered: ‎07-26-2012
0

PreApproved with a Credit union

[ Edited ]

I was Preapproved from my credit union for:

- $20,000 for vehicles that are 2010-2013
-$17,500 for vehicles that are 2006-2009. The max term is 48 months.
 
The interest rate is usually 9.24 but since you I'm a new member, it lowers to 8.99% and if I buy from enterprise, it could lower to 5.74%
 
I'm sure once they run my report, it wont be that low.
 
My question is about what they require from me. They need a copy of the buyer order and proof of insurance.
 
I'm not really sure what a buyer order is and how to get it and how to I get proof of insurance without having a car?
 
Thanks you any help.
 
New Member
Posts: 3
Registered: ‎01-06-2013
0

Re: Approved with a Credit union

I am assuming the buyers order is a proof of purchase.  

 

As for the insurance it is easy.  Once you find the car you want you can take or call an agent with the vin and get make the purchase of insurance, send the proof to the lender and go pick up the car.   You can purchase the insurance prior to the vehicle because it does you no good to try and file a claim until you actually own it so fraud is not an issue.  

 

Best of luck.

 





1-6-2013: EF: 608 TU: 656 EX:6??

Goal:700
Established Member
Posts: 18
Registered: ‎07-26-2012
0

Re: PreApproved with a Credit union

[ Edited ]

Assuming your correct, I can't have proof of purchase without the loan to buy the car.

As far as the insurance, this is only a preapproved loan, (spell checked changed the preapproved). I fixed it. So I dont want to buy insurance on a car I'm not sure I can get.

 

 

Thanks

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: PreApproved with a Credit union

You typically get a quote at the dealership or call an agent beforehand. They won't let you drive your new car off the lot without insurance. Your situation is different than typical as most people have insurance when they trade in a car and their insurance is typically good for 30 days on the new car, which gives them time to shop rates. You can always cancel and go with someone later on if you find a better quote, just be sure to furnish the CU a copy of your updated insurance.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: PreApproved with a Credit union

I should add that you buy insurance during the underwriting/application process once you pick your car. The dealer will send in all the required docs to your credit union to get the funds released. Just make sure you do the deal when the credit union is open so you can drive off same day. And a lot of dealers will let you drive off same day even if they can't process anything until the morning because the credit union isn't open as car shopping can become an all day affair. So just show the dealer what you have and he will take care of the rest.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
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