Will bank finance with temporary VIN?

im already pre-approved. The vehicle I’m purchasing has not been assembled yet and the dealership stated the a lender will not loan until the actual VIN becomes available? Is this true. I’ve already put money down and have to go back a second time to re-do the paper work when the vehicle arrives. My pre-approval expires soon.

 

Unless your financial situation changes drastically I don't see the big deal in letting this one expire. Its not like a pre-approval locks in the terms of the loan, so the smart thing to do would be to wait for the truck, shop for the best line of credit just before the test drive, then complete the finance at the same time you take delivery.

 

They can't do a loan without a vin because they need that for collateral. Just make sure to keep that credit score up because they most likely will run it again when it's time to do the loan.

 

It's only good for 30 days

 

While I agree with the approach @Rock Lobster outlines, if you still want to pursue your question, ask your lender.

OTOH I would never finance on a temp vin. Too many things to go wrong.

 

I just got my truck a few days ago, 2.9% over 5 yrs from Toyota Financing.....I will pay it off well before that

 

From my understanding most lenders won’t finance until the vehicles arrives because financing now means your payments comes due and now you’ll have a payment before the vehicle arrives. Also, with all the delays in transportation and production the lenders don’t want to have a loan on a vehicle that isn’t guaranteed to arrive.

 

Ok. Thanks everyone. I got 2.6% for 72 months until 8/4. The vehicle is being built 7/29 and want to keep the current rate. I heard the rates went up recently too.

 

thats a really good rate! Credit union? And they did recently go up and I think they’re gonna go up again this month

 

Yeah. Credit union. Hope nothing changes drastically.

 

SDCCU gave me 2.39% for 60 months whereas Toyota Financial Service gave me 3.xx% for 60 months.

 

Call your bank and ask if they would extend the pre approval. I had the same issue and my credit union was able to extend the approval for 30 days I believe.

*This is how I remembered what happened I’m sorry if it’s a lie.

 

Pre-approved = Checked your credit score and it passed. If your credit is still good then there's nothing to worry about.

 

Normally I would agree but with interest rates going up once the pre-approval expires they don’t usually guarantee the same rate again