Hello everyone! It's been a long time since I've posted here... I've been busy with work and the such and this coroalates to that.
In the next two weeks I'll be getting promoted, again. And I'll have to start a 50 minute communicate until May when I move there. Not horrible but not good.
I plan to purchase a vechile and want to use DCU, I should be able to get a great rate, my scores are 703,701,693 (this one hasn't updated in over a month? Weird)
I'm going to be making just under $50,000 before bonuses so it does give me a wider option but I don't want to go crazy, that's just not me,,, MY plan is one I actually get my stubs showing what I am making I am going to apply through DCU for a auto loan, I am already a member of the credit union, I applied for that months back.
I know I'm going to be approved and I'm hoping for the high tier rate but we'll see, regardless it will be the best rates I can get more than likely, though I may check my local CU as well if they'll even accept me since my Ex-Wife did a voluntary repossion through them, even though I'm still paying the loan off since I was on it. (this was over a year ago now)
But yes, When DCU approves me how do I move forward? Do I just go into a dealership and look and say I am already pre-fianced for this much at this rate or is there anything special I need to do?
Thanks in advanced everyone!
You just get a preapproval from DCU and its good for 30 days (might be 45), then go make your best deal and AFTER you get your best deal tell the dealer you'll be providing your own funds - note there is nothing wrong with implying when discussing the final price that you'll finance through the dealership, just do NOT let them run your credit. You are under no obligation to use their financing source and if they "pull the deal" because you have your own financing - walk away and find another dealer.
Your preapproval with DCU will be for "up to" XXXX amount - say it's $30k. Once you make your final deal have the dealer fax the sales contract to DCU and DCU will send you a check - for some reason they don't pay the dealer directly. You'll need to drop off the check and any normal dealer (not the flybye lots) will give you 7-10 days to get them the check. Using the $30k preapproval example, if your bottom line is $26,500, that's what you'll get a check for, if it's $31500 and you qualify for a max of $30k, you'll get a check for $30k and you'll need to come up with the $1500 balance.
It's actually very easy and DCU will guide you through it. I've done it twice once on a 2 year old used car and once on a new car - no issues from the dealers or DCU and better rates than the dealer was offering.
Be aware that the dealer will most likely say something to the affect of "oh we can beat that rate, would you go through our bank if we beat that rate?" IMO don't take the bait, on my last DCU deal (new car) my rate was 1.74% for 65 months(1.99 reduced to 1.74 after 3 months of on time payments), the dealer said they could get me .99% for up to 84 months - I had checked GM rates and Ally rates and local bank rates - wasn't goimg to happen and it wasn't because of my FICO scores which are strong enough to get the best rates. I said thank you, but no thank you I'll stick with my Credit Union - credit manager rolled his eyes and said okay if you want to pay more....