USAA Pre-Approved up to 50k

[texaspete2012]

I have had this offer sitting on my log in screen for a month, and just so happens that my car is getting very very old(170k miles). I was looking for anybody who has had any experience with this offer, and any other pre-approved USAA auto loan. If you could share any info, it would be greatly appreciated. The rate on my offer is 4.19. 

[HoldingOntoHope]

USAA preapprovals are almost a guaranteed credit approval as long as your credit situation has not drastically changed since the offer first appeared. The only thing that might disappoint you is the amount approved for. The up to $50,000 does not mean you will be approved for all of that unless your income justifies that amount of loan and of course it is also dependent on the vehicle you select. If you buy a $20K Ford then USAA is not going to cut you a check for $40K. But you probably already knew that. Just said it for the benefit of someone who may not know or be new to auto financing. Best of luck in your car shopping process.

[texaspete2012]

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@HoldingOntoHope wrote:

USAA preapprovals are almost a guaranteed credit approval as long as your credit situation has not drastically changed since the offer first appeared. The only thing that might disappoint you is the amount approved for. The up to $50,000 does not mean you will be approved for all of that unless your income justifies that amount of loan and of course it is also dependent on the vehicle you select. If you buy a $20K Ford then USAA is not going to cut you a check for $40K. But you probably already knew that. Just said it for the benefit of someone who may not know or be new to auto financing. Best of luck in your car shopping process.

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My scores havent moved, if anything they have approved a bit (710 +/- 10 pts). The car I have an eye on is 40k. Hopefully  I will get approved...maybe even at a better rate

[Anonymous]

Hey Pete

Have you applied yet? We talked previously -- my purchase last month for my Mercedes through USAA was flawless.

[texaspete2012]

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@Anonymous wrote:

Hey Pete

Have you applied yet? We talked previously -- my purchase last month for my Mercedes through USAA was flawless.

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Nope. I was worried about income vs loan (120k vs 45).....I might pull the trigger next month. I have another 60 days left on the so called pre-approval. Not sure if i will even get that kind loan.

[texaspete2012]

Got it....72 months at 4.19 for 45k

[dabrian]

Congrats. What did you get?

[tooleman694]

Yeah congrats

Typically the bank will let you go to 75 percent of your income for the loan amount.

So a person who earns 100k, could buy a car for 75k.

[texaspete2012]

I got a brand new Audi. Great car.

Love USAA

[Dustink]

Did they request income verification or anything along those lines? What was the process like? I have the same offer sitting in my USAA account, but I am self employeed and don't like dealing with income verification.

What were your scores and history like?