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Thread: Car loans

  1. #1
    Senior Member kenro23's Avatar
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    Car loans

    If i were to get a pre approves loan for 32k and the car comes out to anything less than that, what happens with the extra money? How does that check get written to the dealership? If you are confused by this question please say so.
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    Senior Member FasstChevys's Avatar
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    I think what that means is you're just pre-approved up to 32K. Once the final price comes in(as long as it's lower, as you said), they'd issue the check for the actual amount.

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    Member krese's Avatar
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    the bank will only issue a check to the dealer for the amount the car finally sells for.

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    O U 8 1 2 Spaz's Avatar
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    pre approved also does not guarantee that you'll get the loan... a lot of scum bag places will do this and then say "we can't do the loan with anything less than a 14% interest rate" when they day comes to make your purchase... hapened to a buddy of mine back when we were in high school...

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    Senior Member FasstChevys's Avatar
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    Quote Originally Posted by Spaz View Post
    pre approved also does not guarantee that you'll get the loan... a lot of scum bag places will do this and then say "we can't do the loan with anything less than a 14% interest rate" when they day comes to make your purchase... hapened to a buddy of mine back when we were in high school...
    Even so, it's still your own responsibility to know what the interest rate of the loan is going to be. That is the first thing that should be discussed in any loan.

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    O U 8 1 2 Spaz's Avatar
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    agreed... but they can still say "no" even if you're pre approved...

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    Senior Member FasstChevys's Avatar
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    Quote Originally Posted by Spaz View Post
    agreed... but they can still say "no" even if you're pre approved...
    Fo sho

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    Consumer of kraut SiggyZ's Avatar
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    It only means the maximum amount the bank will loan you to buy a car. It has nothing to do with what the cars final sale amount will be. When I plan on financing a car, I contact my bank/credit union first and get them on board and an amount approved before I even set foot in the dealership.

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    its short but its skinny. jiveass's Avatar
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    yea i got tricked with that pre-approved bullshit....i dont play that no mo...

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    Senior Member kenro23's Avatar
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    With my camaro i had a pre approved check in my hand. I dont remember the exact number on the check but it was definetely more than the car. I just dont remember how it all went down when i got to the financing part of it.

    Of course i will check the interest rates before i get it. That would only make sense. plus i have navy federal so all of that shouldnt be a problem

    So i guess what im asking is, if i have a pre approved check in my hands for a certain number and the car comes out less than that, how does the check get written out after that?

  11. #11
    Consumer of kraut SiggyZ's Avatar
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    Okay, so you're not financing this car, but planning on walking in there with an already made out check for a certain amount? If so, I would venture to guess the dealership would cut you a check for the difference, if the car turns out to be less than what the check is made out for.

    Quote Originally Posted by kenro23 View Post
    With my camaro i had a pre approved check in my hand. I dont remember the exact number on the check but it was definetely more than the car. I just dont remember how it all went down when i got to the financing part of it.

    Of course i will check the interest rates before i get it. That would only make sense. plus i have navy federal so all of that shouldnt be a problem

    So i guess what im asking is, if i have a pre approved check in my hands for a certain number and the car comes out less than that, how does the check get written out after that?

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    Senior Member kenro23's Avatar
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    Maybe I am wrong in thinking that I had a check in my hand. I was just under the impression that that's how pre-approved stuff would work, and not remembering what happened back in '07 isn't helping me out at all. With that said, I'm guessing I should get an idea of what the car is going to cost, get pre-approved for a loan, then go into the dealership (without telling them of the loan) and negotiate to under what the loan is for. Am I right in thinking that?

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    Consumer of kraut SiggyZ's Avatar
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    Yes, that's what you should do. Pre-approved is what you've been approved of for a loan (based on your credit score and income scenario) through a bank/credit union. Find out what the car costs, then get approved for a loan before you walk into the dealership to buy the car. Also, it's always best to not let a dealership run your credit before agreeing on a price, as it makes talking them down more difficult if they know what you can afford to spend. That's also why I would suggest you have your own bank deal with the loan, rather then going through the dealers or car companies loan department/bank.

    Quote Originally Posted by kenro23 View Post
    Maybe I am wrong in thinking that I had a check in my hand. I was just under the impression that that's how pre-approved stuff would work, and not remembering what happened back in '07 isn't helping me out at all. With that said, I'm guessing I should get an idea of what the car is going to cost, get pre-approved for a loan, then go into the dealership (without telling them of the loan) and negotiate to under what the loan is for. Am I right in thinking that?

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    Senior Member FasstChevys's Avatar
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    Quote Originally Posted by SiggyZ View Post
    Yes, that's what you should do. Pre-approved is what you've been approved of for a loan (based on your credit score and income scenario) through a bank/credit union. Find out what the car costs, then get approved for a loan before you walk into the dealership to buy the car. Also, it's always best to not let a dealership run your credit before agreeing on a price, as it makes talking them down more difficult if they know what you can afford to spend. That's also why I would suggest you have your own bank deal with the loan, rather then going through the dealers or car companies loan department/bank.
    Not if the dealership is offering 0% for a new purchase. Just food for thought.

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    Consumer of kraut SiggyZ's Avatar
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    Okay, with exception. I was stating that if 0% interest financing wasn't an option.

    Quote Originally Posted by FasstChevys View Post
    Not if the dealership is offering 0% for a new purchase. Just food for thought.

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    Senior Member kenro23's Avatar
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    Good info. Like i said i have navy federal credit union so i am def going thru them unless the dealers bank offers 0%

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    I think the amount on the check is blank. You go into the dealer and negotiate the price. Once that's done, you write the check out for the amount (as long as it's under what you were approved for)., then leave with the car.

    That's how it has worked out for me anyways.

  18. #18
    Senior Member kenro23's Avatar
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    Sounds right. Thanks

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    ʢ ൧ ൨ ൩ ൪ ൫ ൬ ൭ ൮Ր Ց Ւ Փ Smittro's Avatar
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    Cash out and call it a day..

  20. #20
    Senior Member kenro23's Avatar
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    What u mean cash out?

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