Options other than CU

[Shiva78]

So my auto loan app has beening sitting in "REFERRED" status for the last 3 days.  I can only assume I'm not going to be approved.

Should I apply for pre-approval at the dealer website before talking to them or....would picking out a car negotiate price then letting them run my credit be better?

I just don't wan't to waste my time or theirs if they can't make it happen.

[StartingOver10]

IMO the dealer website is a waste of an inquiry. It is used as a lead generator and they will still want you to apply at the dealership when you get there....

[Shiva78]

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@StartingOver10 wrote:

IMO the dealer website is a waste of an inquiry. It is used as a lead generator and they will still want you to apply at the dealership when you get there....

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Ah...I understand. I was also considering the manufacturer websites such as Ford and Chevrolet, Toyota.  I will hold out and bite the bullet at the dealer

Thanks

[Anonymous]

How expensive of a car are you looking to buy?  You might consider Peer to Peer Lending such at Lending Club or Prosper; both online.  They will do a soft query to your credit (one that does not count against you) and if you provide the requested documentation you can find out if you will be approved without damaging your credit score.  The side benefit of this kind of loan is that it is a signature loan, meaning that you get the title to the car.

[Shiva78]

Thanks for replying. The CU approved me this past weekend.  They were overwhelmed with new loan requests.

I got what I requested.  A 36K loan on a 48K (out the door) 2014 Silverado.  I'm putting 12K down.