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Old 03-27-2014, 12:48 AM   #1
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Simply Venting Here

I decided to do some restoration on my TJ but after I came up with a budget and then assumed I'd never get that money out of it when I planned to sell it in a couple of years, I decided to sell it now and put the money towards a JKU like I planned to do in tow years.

Was going to wait for summer to buy but decided to do it now but I was on vacation last week. Heck, the wife is even supportive. I was fired up to go to the dealer this week, find a white Rubi with a hardtop, auto, 4.10s, blah, blah, blah. But the bank is taking it's sweet time pre-approving me. Guy said every thing looked good (better be since I've got no payments but my mortgage and a near perfect credit rating) but here I wait.

This is killing me. Even if I had one on order, at least I could commiserate with the poor souls in the waiting room thread. Take pity on me

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Old 03-27-2014, 04:24 AM   #2
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You don't need to wait. Got to the dealer and tell them you have a loan from your bank at the rate you expect to get. They will try to find their own loan at an even better rate, particularly if you have good credit. The dealers can get better deals with big banks than many individuals. If they don't they will still provide you as long as week to come up with your own financing.

Dealers make money from financing vehicles and it can sway the pricing in your favor and it's easy to refinance after a couple of months if you prefer to do business with your bank or credit union.

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Old 03-27-2014, 01:39 PM   #3
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The above is true, with a hitch. The dealer will have your credit ran by multiple banks, meaning more hard inquiries for you. This WILL be a ding on your credit, eventually it will fall off, but if you care about credit be weary.

-Banker with family who works at Beaver Toyota here in st augustine
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Old 03-27-2014, 02:45 PM   #4
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go to a credit union if you have one around you they usually have the lowest rates around you may have to join but hey no big deal there either
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Old 03-27-2014, 05:51 PM   #5
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I second the credit Union super low rates! Pioneer federal credit Union
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Old 03-27-2014, 06:41 PM   #6
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I second the credit Union super low rates! Pioneer federal credit Union
Got the word, I'm good to go. 72 months at 2.99% from my credit union. I called it a bank but it's a credit union. I can get 60 months at 2.59% but I want my payment lower even though I'll probably double it every month. Nice to not have to pay that much if something comes up.

Going tomorrow to see if they can find me one on another dealer's lot. Jeep.com shows about 14 within 250 miles that meet my criteria more or less.
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Old 03-28-2014, 07:43 AM   #7
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The above is true, with a hitch. The dealer will have your credit ran by multiple banks, meaning more hard inquiries for you. This WILL be a ding on your credit, eventually it will fall off, but if you care about credit be weary.
Multiple credit inquires for the same type of loan, count as only one "ding". The ratings people understand that you are shopping around, and not actually taking out multiple loans.
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Old 03-28-2014, 07:48 AM   #8
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go to a credit union if you have one around you they usually have the lowest rates around you may have to join but hey no big deal there either
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I second the credit Union super low rates! Pioneer federal credit Union

I had originally planned to get my loan thru my Credit Union, since I always thought that Credit Unions offered better loan rates.

However, the finance guy at the dealership ran my credit, and I actually got a much better rate from a commercial (regular) bank; 1.59%. That's even much better than the rate that same bank publically advertises; 5.49%.
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Old 03-28-2014, 11:27 AM   #9
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Multiple credit inquires for the same type of loan, count as only one "ding". The ratings people understand that you are shopping around, and not actually taking out multiple loans.
Im definitely not here to argue, but that is not even remotely true. By "ding" you're referring to an "inquiry", theres a soft inquiry and a hard inquiry, and soft inquiry isnt really "real" but something banks typically do for things like mortgages to check you have not gone into default on any loans. When they pull your credit for a loan it is a hard inquiry. It is NOT pulled once and sent to multiple banks, the request is sent to multiple banks who all pull your credit on their own. Many banks or credit unions use different bureaus too. The above however, is something a dealer will tell you. Do not be fooled by the above comment, nor what a dealer will tell you in the regards. I deal with these things EVERY day. My cousin is the used finance MANAGER at Beaver Toyota here. This is not speculation. If you try to get a loan for something else after you go car shopping many companies will disregard the multiple inquiries as they understand how dealers work and they see you were just applying for a loan. If you do not believe me, after you have a DEALER pull your credit for a loan, wait 30 days, check your credit. You will see the multiple inquiries on it.
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Old 03-28-2014, 11:29 AM   #10
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I had originally planned to get my loan thru my Credit Union, since I always thought that Credit Unions offered better loan rates.

However, the finance guy at the dealership ran my credit, and I actually got a much better rate from a commercial (regular) bank; 1.59%. That's even much better than the rate that same bank publically advertises; 5.49%.
This is true, most dealers are beating out credit unions and banks on interest rates right now.

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