Auto Financing Through Credit Unions

I am looking to buy a new truck before the end of this year. I recently joined a handful of credit unions with the intention of using them to secure financing for a new truck.

My question is:

How does the pre-approval process work at a credit union? Do i need to know exactly what vehicle i want to buy? Do i need to know how much of a down payment i intend to make? Once i am pre-approved, will i know exactly what my interest rate will be? What if i decide to go with a pre-owned truck?

Any input is helpful. Thanks.

 

Shouldn't you be asking your credit union?

 

Not looking for their pressure yet.

 

I got pre approved by my credit union on both of my past 2 trucks.

I knew I was going to buy used, and had a good idea of what kind of $ #'s I was looking for. I knew I was going to put down X $'s and borrow Y $'s, and with online loan calculators I knew roughly what my payment would be.
I have very good credit, so I knew I would get approved but went in before looking at a single vehicle as I wanted it to go quick and smooth. The first time everything went as planned and I bought the truck and never stepped foot back in the Credit Union. The second time I was approved for a good interest rate, however when the dealer called to confirm info the rate was now 2%+ higher....So the dealer looked around as I was about to walk, and found me a loan through a Bank for cheaper than my pre approved loan.


He told me that a bank loan is better than a Credit Union loan anyway, as it helps build credit better....Dont know if thats true or not but it was what I was told.

 

Usually when you get Pre-Approved, the Finance Rate will only be good for a certain number of days.

 

When I had them change the rate, I got approved in the morning, and they changed it in the afternoon.

 

Wow that's crazy!

 

I was approved up to X dollars. They gave me a "check" good for any amount up to that maximum. I could pay more or less than that amount, up to me. When I made my deal, I filled in the amount on the "check", then signed it.

Super easy.

 

Depends how good is your credit? I did the same, went into my CU I've been a member of for almost 10 years. BECU. Their loan % are set. 60 month is x%, 72 is y%y%, etc. I asked for a certain amount, with an almost 800 credit score it was super easy. Ended up needing a little bit more, but put a huge deposit down. Being able to walk into a dealer and saying this is how much I'm willing to pay or I'll just go somewhere else was fantastic. Whole process was less than an hour