How does Affinity FCU car loan payment work? Personal loan?

[LallaBabba]

Does Affinity FCU just send you a check that's useable anywhere? There's a car I want but Affinity has/is taking so long I might miss out, so can I just use it at any dealer?

[cashorcharge]

Having gone through this @LallaBabba I can tell you that they gave me the option of transferring the money to my account, allowing me to pay the dealer...or they can send the check directly to the dealer.  HOWEVER, they will not send you or the dealer money until they have a signed contract/purchase agreement for the car and proof of insurance.  They will not just approve you for say $50,000 and then give you $50,000 and let you buy a car and send them paperwork after.  You'll need to provide them a copy of the signed contract and then once they have all that, only THEN will they process their side, provide an approval and then ask where should the money be sent...you or the dealer.  The process for me took 6 days since I applied over the weekend.  I did call on the MON to ask to be expedited as I needed to get it done by a certain date and they said 5 to 6 days was expedited.  Good luck

[LallaBabba]

Hey cash thanks for the info! So say I wanted to use Affinity FCU financing for just my downpayment, could I do that theoretically? And have separate financing for the rest?

[cashorcharge]

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@LallaBabba wrote:

Hey cash thanks for the info! So say I wanted to use Affinity FCU financing for just my downpayment, could I do that theoretically? And have separate financing for the rest?

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hmmm...I'm curious if they see their giving you an approval on part of the financing and knowing your financing with another bank, who would get paid first if a loss occurs and they would base their approval on your credit file, DTI etc and they wouldn't have a true picture if you buy say a $50,000 car, ask them to finance $25,000 and tell them other $25K is from someone else.  In a car deal, the contract would only show down payment and financing amount...it typically doesn't show 2 finance companies...and Affinity wants to see a contract for the total amount financed.  I think this question would likely be answered by calling them as I don't know if those hoops will fly with them.  Something tells me the answer is no..