September 2009 Weddings
Stand up for something you believe in.
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
When you bought your last car...
Did you do your financing privately with a lender then go to the dealership?
Or did you do it through the dealership?
Pros/ Cons/ Thoughts on either option?
Stand up for something you believe in.
Re: When you bought your last car...
updated 10.03.12
We always go through the dealer.
If you ask for it, most dealers will offer you different lending options and interest rates anyway, which is the same as shopping around on your for a private lender.
Mine: We went through the dealer. The best rate our credit union could give us was a 4.5% but the dealer gave me a 3% (this was back in Oct). I would still check with your bank/credit union to give you an idea as to what rate they offer but still have the dealer run their #s. Most of the time they can beat your bank's rate.
J's car: We went through his credit union at his work b/c they offered him a better rate (back in April '10)
Dealership
Pros: Better rate (most of the time) & quicker process from the time you sign the credit app to the time you can pick up your car (most are able to be picked up a couple of days after you do the paperwork)
Cons: the only one I can think of is that some places don't do direct withdrawel from your bank (automatic bill payment) so that you have to remember to write a check each month
Your bank/CU
Pros: All your stuff is at one place & you can have the amount directly taken from your account each month
Cons: The whole process takes longer b/c you have to take the P&S to your bank/cu, have them process the application, pick up the check from them & take it to the dealer, wait for the dealer to cash it (they like to give it a day or 2 to clear) then you can pick up your car
Dx: Hashimoto's Hypothyroidism After 2 years TTC & failed IUs,we have our IVF baby born 9/24/11
LO#2 aka 'Miracle Baby' Orig. EDD= 9/28 EDD moved to 10/3/13
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all." -- Dale Carnegie
"Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time." --Thomas A. Edison
:Blog:
This wasn't true for me.
I went to my credit union in the morning with my three required pay stubs. They gave me a pre-approval letter with an interest rate and how much they would approve me for. I took that to the dealer to look at cars. When they offered me dealer financing, I showed them my pre-approval letter and asked if they could beat it. They said no way. They already had paperwork for my credit union, I filled it out and left with my (used) car within an hour.
I don't know if the process is different for brand new cars, but I found working with my credit union gave me the best deal and was incredibly simple. DH has bought two motorcycles and his Jeep the same way and dealers have never been able to beat our credit union, or has there been any delay in getting our vehicles.
Congrats to both my TTC buddies, Amberley18 and sb2006 on their beautiful babies!
hmm, I don't have a credit union, I only have Bank of America. Does anyone have a car loan through them?
I dealer financed my last car through Wells Fargo Auto Finance and had a fine experience with them, so I was wondering if I should just go through that again and see what they'll finance and then go from there.
Stand up for something you believe in.
Honestly I feel like having pre-approval for financing gives you the upper hand at the dealership and gives you something to negotiate with. It shows them that A) you're serious about buying,
you've already been approved for the money and C) you already have an offer they need to try and beat.
Even if you end up going with the dealership's financing option, at least you know you explored your options, and it doesn't make you necessarily succumb to whatever they offer you.
Congrats to both my TTC buddies, Amberley18 and sb2006 on their beautiful babies!
I'll chime in here with the little piece of info I have....
I went to several different insurance comp., several different banks, etc... and asked what the interest rates were and the pro/cons of each. Getting the financing through the dealer itself was a better option price wise. It's a pain to "shop around" but it was worth the peace of mind when I did finally buy my car.
Ditto this. We went through the Toyota dealership too. No problems at all. They very easily moved my payment due date when I asked too, no questions asked, no hesitation.
Jesse's car loan is through our credit union. We havent had a problem with that either.