Financing outside dealership?

Thread Tools
 
Search this Thread
 
Old 11-03-2005, 11:13 PM
  #1  
Cruisin'
Thread Starter
 
MrEzKill's Avatar
 
Join Date: Aug 2005
Location: San Diego
Age: 42
Posts: 16
Likes: 0
Received 0 Likes on 0 Posts
Financing outside dealership?

I've only bought 1 car and I financed through the dealership. I've been looking into either going through Costco or Capital One for my financing this time.

Two things: 1. has anyone had any experiences with either of these and 2. how exactly does this work? Do I get the exact pricing first then get my financing OR do I estimate and get my money beforehand? If I estimate, I don't understand what happens if you over/underestimate.

Thanks for your help in advance!

-ez
Old 11-03-2005, 11:21 PM
  #2  
Cruisin'
Thread Starter
 
MrEzKill's Avatar
 
Join Date: Aug 2005
Location: San Diego
Age: 42
Posts: 16
Likes: 0
Received 0 Likes on 0 Posts
I just realized Costco uses Capital One. So I guess my question is more about how this works exactly.

-ez
Old 11-03-2005, 11:55 PM
  #3  
i want to ride my bicycle
iTrader: (1)
 
leftride's Avatar
 
Join Date: Sep 2003
Location: denver, co
Age: 43
Posts: 3,598
Received 21 Likes on 17 Posts
Originally Posted by MrEzKill
2. how exactly does this work? Do I get the exact pricing first then get my financing OR do I estimate and get my money beforehand? If I estimate, I don't understand what happens if you over/underestimate.

Thanks for your help in advance!

-ez
basically you just need to get pre-approved for an estimated amount of the car. Then the dealer can contact your bank with the exact amount of the car after you finalize the deal.

dealers and banks have a system setup that allows them to process your loan, but i cant think of the name of it right now...
Old 11-04-2005, 12:21 AM
  #4  
Cruisin'
 
jimmyg's Avatar
 
Join Date: Oct 2004
Location: Denver
Age: 48
Posts: 22
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by MrEzKill
I've only bought 1 car and I financed through the dealership. I've been looking into either going through Costco or Capital One for my financing this time.

Two things: 1. has anyone had any experiences with either of these and 2. how exactly does this work? Do I get the exact pricing first then get my financing OR do I estimate and get my money beforehand? If I estimate, I don't understand what happens if you over/underestimate.

Thanks for your help in advance!

-ez
Join a Credit Union, they usally have the best rates on car financing. All credit Unions are non-profit so they can offer smaller margins. Just get preapproved and the dealership can handle the rest. Done it many times.

www.cudirect.com
Old 11-04-2005, 12:45 AM
  #5  
A DiRTBAG decal on my
 
TSX2345's Avatar
 
Join Date: Jul 2005
Location: Westside - SoCal
Posts: 886
Likes: 0
Received 0 Likes on 0 Posts
Credit Unions

I belong to 2 of them. Financed the TSX and previous car through them.

Call your financial institution up and get pre-approved for a new car loan. I usually ask for more then necessary, so for the TSX I asked to ger pre-approved for 30K. Some places may or may not send you a pre-approval letter. Then find out what APR you qualify for. Then go shopping then, when you find the TSX you like, right as the negotiations begin. BAM! Tell them you have your own financing set-up and already pre-approved at this rate. See if they can either beat it or match it then the rest is self-explanatory.

You gotta go car shopping fully prepared, ready and armed with your own financing figures.

Then sales people and dealer finance folks are in your hands
Old 11-04-2005, 12:49 AM
  #6  
Advanced
 
grasseater's Avatar
 
Join Date: Oct 2005
Age: 45
Posts: 53
Likes: 0
Received 0 Likes on 0 Posts
I was gonna finance through my CU for a pretty decent rate and as soon as I told the dealer that they offered me like 3.5% through Honda financing.

Old 11-06-2005, 10:27 AM
  #7  
Cruisin'
 
mizzrivera's Avatar
 
Join Date: Jul 2003
Location: Alabama
Posts: 16
Likes: 0
Received 0 Likes on 0 Posts
If you are military you can go through USAA. They will match any advertised APR.
They financed me for 2.9% last month (Oct)by matching Navy Federal credit union internet APR.
I would get at least 2 pre approvals.
Old 11-06-2005, 11:00 AM
  #8  
Professional SLACKER
 
foolioness's Avatar
 
Join Date: Oct 2004
Location: Rancho Cucamonga
Age: 45
Posts: 550
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by MrEzKill
I've only bought 1 car and I financed through the dealership. I've been looking into either going through Costco or Capital One for my financing this time.

Two things: 1. has anyone had any experiences with either of these and 2. how exactly does this work? Do I get the exact pricing first then get my financing OR do I estimate and get my money beforehand? If I estimate, I don't understand what happens if you over/underestimate.

Thanks for your help in advance!

-ez
If you're still interested in Capital One, all you have to do is go to their website www.capitaloneautofinance.com . Look and see if you like their rate. I'm pretty fure they're lower than what Acura is offering. State the amount of you want to borrow then they will see if you're qualify for it. In short, everything is done online. That's how I did mine. You get your check within 5 business days. At the dealer, that check is as good as cash meaning you'll have more buying power....

Hope this helps. PM me if yo uhave any question, I'll try my best to help you
Old 11-06-2005, 11:07 AM
  #9  
Just dial 1911
 
joerockt's Avatar
 
Join Date: May 2004
Location: San Diego, CA
Age: 49
Posts: 12,144
Likes: 0
Received 1 Like on 1 Post
If you already get prefinanced, what they do is to sell you the car, they just give you a temporary loan. So you have about a week to get the check from the bank and bring it to the dealer. So, right after you leave the dealer, you call your bank, give them all the info and they will send you the check that you can hand to the dealer.

I went through USAA as well and their process and customer service is stellar.
Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
08_UA7_Gr33k
Member Cars for Sale
13
02-11-2016 02:17 PM
adrian_s2k
1G RDX (2007-2012)
23
01-12-2016 04:25 PM
BrownBuck
NY/NJ
4
09-29-2015 09:53 PM
thegipper
3G TL (2004-2008)
5
09-28-2015 01:01 PM
RadiantCycles
ZDX
1
09-26-2015 09:18 PM



Quick Reply: Financing outside dealership?



All times are GMT -5. The time now is 10:01 AM.