I know, I already posted this in another section so mods do your worst if you feel it so necessary. This section gets a lot of traffic and I just wanted a few quick opinions anyway. It deals with a new Mustang purchase either 2010 or 2011, maybe it still qualifies?

https://themustangsource.com/f647/fi...o-loan-484392/

Thanks guys!

 

You'll tell them how much you think you need, they'll run your credit, if approved they will list the apr they're willing to finance you at and you can walk away if you don't like the apr or choose not to buy a car or etc.

 

If you decide to run your credit at more than three banks searching for the lowest apr, you credit might get dinged.

 

I've heard that if you run your credit at multiple places within a close period of time, it doesn't all count negatively towards your credit because they take in account the fact that you will shop around while making a big purchase for the best APR.

 

It might depend on the Bank/Loaner. I recommend Capital One to all my friends. They offer really competitive rates and their approval process is quick. Essentially you go online and provide your information for them to approve you. You will request an credit amount. If they approve you they'll tell you what amount at what rate. If you have good credit you'll get a good rate and the amount you want. (I've tried three times and have always gotten the most competitive rate from other banks and the amount I want). When you request make sure you enter in the amount you want for sure that you want. If you decide you need more you'll have to re-apply. Once approved they'll send you a blank check to use for up to the amount you were approved for. Should you decide to only use part, that’s fine. You'll only have a loan for what you make the check out to. One final thing is to check on their site if your dealer is approved to work with Capital One. One dealers who are approved to work with them can be given that check.

Anyway, I'm a big fan of them. They've treated me very professionally when I've had questions. Let me know if you have any questions too! Hope this helps!

 

Not sure, you might be right.

But, I also think I heard something about it being related to if you were approved by the lenders or not, i guess the difference from shopping for a preferred apr and just trying to get a loan anywhere.

 

When I was talking to USAA a while back about loans the guy on the phone did tell me to do it in quick succession if possible. I can't remember exactly what he said I just remember him advising me to do it this way. I suppose it somehow dings your credit less when this is done.

Thanks for the replies everyone. I have just used the dealer's finance team to do the work for me so I just didn't know exactly how everything worked. Now I am getting a better grasp on what I need to do and some decisions I need to make and possibly when.

 

WAIT!!!

Be sure you trust your Dealer, I heard that its not always in their best interest to give you the best possible loan if they can convince you to take a higher one, get a atleast one 2nd opinion before signing anything.
Capitalone has a really quick loan application and will respond in less than five minutes.

 

Yup, always shop your loans. Get two or three quotes then go with the best. Be sure to do it when you know you will buy soon. Otherwise you will ding your credit if you go loan shopping several times a year.

 

I think I meant to say previously I have used the dealer's finance team. I haven't done anything yet. I am shopping around with the Mustang. I didn't mean to be confusing there.

 

I'm in the same boat Kelsey. As this was the first auto loan I've ever applied for. Some lenders will require you to submit the amount you want to get. I got lucky because mine allows you to ask how much you want, or just see the max you qualify for.

You don't have to accept their offer and usually you get 30 days to accept, but each bank is different.

And your credit can be harmed if you have lots of inquiries in a small amount of time especially if you're being denied. Good luck!

 

Thanks, we'll see how things go!

No one knows how X-Plan pricing goes do they?
I have the price for the GT Premium but that's all. I don't know any option prices, I have just been pretty much estimating $300 over Invoice (w/Holdback).

 

You're pretty safe with that estimate. I've heard everything from $100-$300 over Invoice (w/Holdback) for X-Plan.

Also, consider looking at credit unions. Their rates usually destroy the bank's rates...

 

I cant remember exactly how to figure it but say about 2-3 hundred over your dealers invoice for this car. Dealer invoice being a few hundred over something like Edmunds.com because of a regional advertising fee.


ETA: My dealers regional fee is 486.00. It will show as FDAF assessment on the infoice or order form. And maybe a $45 or so fee for fuel....o well what ever Im not going to poop my pants over a couple hundred bucks just give me a car with AC already lol

 

XPlan is 4% over invoice w/Holdback

 

Do not do this! This is exactly what scares banks away! It makes you look indecisive.(Unless you give them all the exact same financial info on the car you are about to purchase. Whatever you do, don't go from dealer to dealer, all over town.
You need to pull your credit, then go to the lending institutions you are wanting to investigate. Inform them you already know your score (preferrably TransUnion as this is the most common of the three bureaus banks use for car loans.) Then narrow down your choices and when your car is ready or within a couple days of picking up, give them your info so they can fight for your business.