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bassjam1 t1_ja9zn75 wrote

Im my experience it depends on the bank. PNC gives me a blank check good for up to the amount I asked and was pre-approved for. With my credit union it was more verbal "hey you're approved for this amount and if you find a vehicle have the dealership contact us".

But every time so far the dealership has been able to meet or beat the rate I found. They REALLY want the $50 or whatever it is kickback that they get from the banks and credit unions they use. Often it's the same ones I was working with.

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turbocomppro OP t1_jaa2kp5 wrote

I see. I’m so I’m basically buying the car with “cash” at the dealership, right? I contacted the dealer and they said their lowest rate now is 6.99%. But at the credit union, I can likely get ~3% (less than $20k loan for 36 months). I doubt the dealer can beat this.

But they’re a smaller bank with no brick and mortar locations. Not sure how fast they can get a check out to me…

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bassjam1 t1_jaa32gy wrote

You should call them and see how they operate. But yes, essentially you're buying with cash.

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turbocomppro OP t1_jac4oyz wrote

I did that this afternoon and they said it will take almost 2 weeks because they are so backed up…

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bassjam1 t1_jacb4e7 wrote

You need to get in contact with other banks and credit unions then. A dealership probably isn't going to hold a car for 2 weeks.

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danielfletcher t1_jaa8ln4 wrote

Once I have a purchase order, I go get an insurance binder from my insurance agent and then to my credit union who cuts me a cashier's check made out to the dealership in about 20 minutes which I take back to the dealer and hand to them.

Since yours doesn't have any locations, you have to talk to them and to the dealer. Maybe they can wire the funds, etc. But different places have different policies.

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turbocomppro OP t1_jabj80l wrote

Indeed, I will definitely give the dealer to match a credit union rate first… I’ll likely just buy the car first and refinance it later… just seems Easter and faster this way as I want to get the car soon…

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