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Thanks merc and ion. I didn't realize it was that simple. Just curious....say you get approved but for some weird reason can't find anything or just change your mind? Basically what I am asking is you only get the loan when you provide the credit union the purchase order?
I was always under the impression that when you go car shopping the dealership contacts the bank or whatnot and sets up all the loan details for you. I could be and probably am wrong though hehe
Yeah.. Just go in and get preapproved. Say you are looking for a Car for around X amount. See what they will preapprove you for.
Then, once you go shopping, you already know you have financing, so you are in a better position to haggle or to get the car you really want.
They will create a purchase order, and will usually send it over to your credit union. Once they receive it, they will ok it and cut a check. Then the dealer sends the title to the bank.
Yeah.. Just go in and get preapproved. Say you are looking for a Car for around X amount. See what they will preapprove you for.
Then, once you go shopping, you already know you have financing, so you are in a better position to haggle or to get the car you really want.
They will create a purchase order, and will usually send it over to your credit union. Once they receive it, they will ok it and cut a check. Then the dealer sends the title to the bank.
We bought a used pickup truck like this last month. The credit union approved our $25,000 loan at 3% interest. We then found a used pickup we liked for $20,500. Because it was used, the credit union had to bluebook the truck to determine how much they would finance based on the actual vehicle we wanted to purchase. They came in at $149 lower than the asking price, so we wrote a personal check for that amount and away we went.
All the replies I have received on this have been very helpful I have a credit score between 700 - 750 last time I checked and have been with my credit union since 2004, I'm wondering how much I could possibly be approved for? This def seems like the best choice and the route I will take if I decide to get a vehicle.
I would be looking to spend 300 - 350 a month for a payment , I'm just not sure what price range of a car that could get me....
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