Is it good to open account a year before applying to Pennfed, DCU etc

[lambomoonboy]

Hey,

I am going to be applying for an auto loan with a few lenders in about a year or less. Would it help to have a bank account with them and make deposits and withdrawals before applying? It wouldn't be much just a few thousand. Or would it be wiser to not show them too much about yourself and just come in with clean credit as a new client and also benefit from new member promos. What would you do?

Also any other banks that have high limits (200k+) for exotic and luxury cars that are older? Which should I establish with if it is indeed a good idea. Thanks!

[Anonymous]

I am always a proponent of establishing a releationship for a larger loans.  Others may have different ideas.  

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@lambomoonboy wrote:

Hey,

I am going to be applying for an auto loan with a few lenders in about a year or less. Would it help to have a bank account with them and make deposits and withdrawals before applying? It wouldn't be much just a few thousand. Or would it be wiser to not show them too much about yourself and just come in with clean credit as a new client and also benefit from new member promos. What would you do?

Also any other banks that have high limits (200k+) for exotic and luxury cars that are older? Which should I establish with if it is indeed a good idea. Thanks!

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[Loquat]

OP, I think if you're seeking an auto loan for such amount that it couldn't hurt to have an established relationship with a lender. It's not something that you must to as I'd venture a guess that if you can find a lender to do the loan, as long as you got the income and credit to back it up, I don't think it'd be much of a problem.

But again, a relationship couldn't hurt when looking to borrow that kind of money.

Best of luck to you.

[4sallypat]

Since car loans are secured by the vehicle itself, it would be best to use the captive lender the car dealer uses.

Most banks and CUs will not loan over $100K.

[lambomoonboy]

Key word here is most