topic Re: GM Pre-Approval in Auto Loans

GM Pre-Approval

jd403 — Fri, 03 Aug 2018 21:33:41 GMT

Was pre approved this afternoon through GM Financial for an auto loan up to $900 a month in a payment. Any ideas what that relates to in percentage rate? Also, living in NC which burau do they pull?

Re: GM Pre-Approval

pipeguy — Fri, 03 Aug 2018 22:12:13 GMT

@jd403 wrote:
Was pre approved this afternoon through GM Financial for an auto loan up to $900 a month in a payment. Any ideas what that relates to in percentage rate? Also, living in NC which burau do they pull?

Impossible to know without more information such as purchase price and the number of months for the loan.

Re: GM Pre-Approval

jd403 — Sat, 04 Aug 2018 04:03:09 GMT

All I had to do was put in the vehicle type I was interested bin. Never asked for loan terms. Will be trading in a Volvo S80 that KBB values at $14-17k

Re: GM Pre-Approval

pipeguy — Sat, 04 Aug 2018 09:28:28 GMT

What you need to know is the bottom line amount being financed and how many months the loan is for before you can figure out the payment and interest rate if it's not stated. Simply saying up to $900 payment (which frankly seems a bit extreme to make $900 car payments) allows for too many variables.

$900 x 36 months = $32400 before interest, $900 for 84 months = $72,900 before interest.

If you give me the total purchase price out the door including tax and delivery - less any credit for trade equity, I can give you payments at the various number of months and interest rates.

Re: GM Pre-Approval

jd403 — Sun, 05 Aug 2018 02:18:01 GMT

Ran in to a small snag at the Chevy dealer today. When they pulled the Carfax on our trade in it had inaccurate information on it. Have to wait until Monday now to speak with DMV to get a copy of the old clean title from Maryland. I have a clean title from NC currently. Things are never easy. Lol

Re: GM Pre-Approval

jd403 — Sat, 11 Aug 2018 01:44:38 GMT

Carfax issue got resolved and today we purchased our new Traverse. Got a real good deal and a better rate from Ally