cancel
Showing results for 
Search instead for 
Did you mean: 

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

lambomoonboy
New Member

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

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!

4 REPLIES 4
ToysDad
Member

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

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


@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!


 

Message 2 of 5
Loquat
Moderator

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

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.
Message 3 of 5
4sallypat
Valued Contributor

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

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.

Message 4 of 5
lambomoonboy
New Member

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

Key word here is most

Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.