Question about financing

....and please let us all know how it went for you, OK?.............Good Luck!

 

My dealer left the add ons on the truck, The only thing I removed were the Pinstripes and locking wheel nuts. Hate them. Never had a wheel stolen.

 

applied at a local CU...and no bite :/ very strange since my fathers credit is fair and his income is more than enough to cover the payment. this is what has been discouraging me from shopping his credit, the inquiries just stack up. it is my understanding that most CUs only give out loans to risk free borrowers (750+).

i'm 23 and can cover the payments just fine, but have zero credit. its really bothering me that i never took the opportunity to build credit myself. actually i have some credit but with my school loans, its not great.

 

dealer had like $2k of add-ons. it was almost comical how the salesman tried to sell me on $499 windown tint "you don't want tint in the arizona desert?!" lol, not at $499.

 

To my surprise my truck was already tinted. I would have paid for that anyway but it was part of their $1295 Addendum Including 1 year key replacement ad ding protection, Nitrogen, tint, Free oil change...I still got it all. Just bought an 8/100K Toyota Platinum VSC for a grand. I am likely to sell the truck in three years.. The additional bumper to bumper protection as always will help me get good money. The buyer will have an option to buy the truck for $700 less as that would be my refund with the miles I project.

 

that's a great deal then! you planned it out very well, i assume you take great care of your vehicles. i'd probably pay for those add ons since they are actually useful.

 

OP...Did the dealership run your credit and submit the deal to get an approval? Did they say your approved with bank ___________ at _______ rate? Did they quote you a payment? If they have done all that then you are fine. The deal is in the system. When you walk in on day of delivery you should be good to go.

 

Yes to all 3 questions. finance manager told me the financial institution that approved it, the rate and also qouted me the monthly payment. i know the credit was ran because of credit monotoring, we get an email anytime inquiries are made. but as others have said, since its not in writing, i am taking it with a grain of salt.

i have contacted my salesman and requested we get something in writing.

 

i see. won't multiple inquiries to your credit from loan institutions affect your credit?

 

From what I've researched about credit if it's for the same transaction it won't. If you were looking for a new vehicle loan, then a house, then a store card, then an open line of credit all at the same time, then yes. I'm getting the dealer to pull credit when my truck gets in... I'll ask about my score to see if it changes then. I've already got two pre-approvals, I'm interested to know if it drops after a month when it gets pulled again.

 

That's why I go to my credit union and get a loan for $28k (for argument's sake), then take it to the dealer and tell them I got $28k, take it or leave it. Be prepared to walk lol.

 

oh ok that makes more sense since i do hear about people shopping for lenders.

 

exactly .. Plus my CU has had .99% for like 2 years in a row now

 

A dealership should just pull it once to shop with lenders for you. Much like a mortgage broker would.

 

sounds like a good negotiating tactic. except i don't think that will work in my case for 2 reasons: struggling to get approval from a CU and the vehicle is a 7545 (manual off road). pretty sure they will sell the car in a day or two without me.

 

Might be an impulse buy. I always go to truecar.com and get my own price then go from there. Or you could wait til the 15s are gone and the lots are full of 16s. Houston has about 10 different Toyota dealers, you pretty much pick your price.

 

i have talked to many dealerships, most of whom can't get this model allocated. i've been drivimg around in a 2000 frontier for a while now and really need a 4 door for personal and work reasons. i am definitely rushing the purchase, but i'm losing many opportunities by not having a larger and more capable vehicle. to me, that's worth paying a fair price. still, any slight change in finance and i will probably get something else that isn't as rare.

 

Sounds like you have it figured out at least. Good luck buddy!

 

Well at the credit union that I work at our lowest rate is 2.29 on new cars. That rate is for scores of 720+.

I have done loans for people with scores in the low 600s. The biggest thing I look for is income, debt ratios, and 3 items of credit with at least 12 months of payments. Zero credit is worse than bad credit in most cases.

 

I wouldn't worry then. All is good. All the hard work is done on both sides of the desk. All you have to do now is come in and sign the paperwork.