Should I Pay The Deposit and Wait On The Loan?

[Anonymous]

I was planning on waiting later this year, but I started on the car buying process a little early.

I have pretty much decided on the car I  want (The dealer doesn't know this though of course), but I did my research and they confirmed with me that there isn't a single dealership in any of the nearby 10 states that have the car I want, so it will have to be shipped. Apparently, this process will take 1-2 months. I'm okay with waiting. However, they did let me know I would have to pay a $500 "refundable deposit" on the car. I won't have to worry about the loan until the car shows up on the lot.

So, should I start applying for loans now or should I wait until the car is here? And how would the bank respond to this.

I have never paid for a car from a dealership directly nor have I ever had a car loan. Any advice would be very welcome. And any other tips and pointers about the car buying process (or links to some of the best discussions) would be great too!

[Anonymous]

Applying for an auto loan now and waiting 1-2 months could result in them pulling your credit again before you pick up the car.  It's up to you if you feel the hp's won't matter.  I only had 2 when I purchased my car.  Some have many.  And I think they would pull your credit again when you are ready to pick up the car.  The refundable deposti wouldn't matter as long as you have it in writing.  I prefer to pay right away so I don't have to deal with it later too.  Good luck and congrats on your new car!  

[RonM21]

---

@Anonymous wrote:

Applying for an auto loan now and waiting 1-2 months could result in them pulling your credit again before you pick up the car.  It's up to you if you feel the hp's won't matter.  I only had 2 when I purchased my car.  Some have many.  And I think they would pull your credit again when you are ready to pick up the car.  The refundable deposti wouldn't matter as long as you have it in writing.  I prefer to pay right away so I don't have to deal with it later too.  Good luck and congrats on your new car!  

---

+1 

I agree with this. If you are okay with possible HP's then you could start applying. And get that deposit it writing like SB mentioned. I wonder what car you are getting that is has to be shipped lol?

[Anonymous]

Your pretty much ordering a vehicle. They can take 500-1000 refundable deposit for ordering u vehicle. When vehicle get to dealership and u don't like it for any reason u can walk away from it. I'm suprise they didn't run ur credit profile to confirm ur able to purchase car before ordering

[Anonymous]

---

@Anonymous wrote:

Your pretty much ordering a vehicle. They can take 500-1000 refundable deposit for ordering u vehicle. When vehicle get to dealership and u don't like it for any reason u can walk away from it. I'm suprise they didn't run ur credit profile to confirm ur able to purchase car before ordering

---

Typically dealerships will run your credit before they order a car for you but if they feel like the car will sell regardless of the OP buying it or not, they might not care.  

[Creditaddict]

What Car?