Filling out auto loan application a week before pick up?

M

MoneyJohn

Joined
Mar 1, 2012
Messages
843
Location
HUdson Valley, NY
So my Camry Hybrid has arrived at the dealership yesterday but I am working this weekend, so unable to go pick up. Its a 5 hour drive one way. So far, everything is done over the phone/email.

Today, the salesman emailed for a copy of the driver's license and asked to fill up auto loan application. I have never done it in the past. Everything on the day of pick up. So I am a little hesitant.

Any harm in filling the loan application in advance?

I will also be checking with my credit union during the week.
 
Just have your own financing in place with your credit union will make things much easier. But get that started asap. That way the dealer can get verification everything is approved on your end and they won't have to be concerned about it.
 
Usually when you leave the car dealership you technically aren't approved for financing yet. The finance guy just writes up the deal based on the terms he believes he can secure based on your income, credit, etc. but may not get full approval for a few hours or the next day or two. Once in awhile he gets it wrong and needs new paperwork signed or perhaps needs the car back if he can't find funding. Much bigger risk to take on an out of town client so they want to cover their bases.
 
they got to pre-approve you roughly, other details go when you're ready to sign the application and you have car in the front of you
 
It’s been a long time since I’ve dealt with a dealer but he may ask you to “drop by” some paperwork after the day of the sale. First time, it felt like an under appreciated delivery boy. Next time asked I declined, and had to push that the USPS was reliable enough to serve subpoenas it was reliable enough for his paperwork. Just putting it out there, since it’s a 5 hour drive for you.
 
You should really be talking to your personal bank about an auto loan, they can usually get a better deal for you, especially if it is not a major chain bank.
 
unless you are getting manufacturer financing that is out the this world (0%, 2.9%, extra rebate)
skip their financing and bring your own.
 
Dunno but financially speaking financing a car is a really bad move, absent extremely good reasons and rates.

And 5 hours away?! Driving 10 hours to pick up a Camry!!!! OMG. No.

If you can't pay cash, downgrade your needs.
 
leadcounsel said:
Dunno but financially speaking financing a car is a really bad move, absent extremely good reasons and rates.

And 5 hours away?! Driving 10 hours to pick up a Camry!!!! OMG. No.

If you can't pay cash, downgrade your needs.
Click to expand...
The ONLY reason of going 5 hours for Camry is, everyone around me wanted at least 3000 over MSRP for the car that is not even built yet. Paying MSRP itself is making me uncomfortable but in absence of a car, commuting is extremely difficult. So I don't mind driving for 5 years and we plan to make a short road trip out of it.


Thank you, everyone, for the comments. I filled up the application and also checked with the local credit union. Got 5.75%. Going to check with other one tomorrow in hopes of getting around 5%. Toyota has 4.99%. Hopefully I will qualify for that. Oddly, Capital One was generous with 11.25% :unsure:
 
leadcounsel said:
Dunno but financially speaking financing a car is a really bad move, absent extremely good reasons and rates.

And 5 hours away?! Driving 10 hours to pick up a Camry!!!! OMG. No.

If you can't pay cash, downgrade your needs.
Click to expand...
I have never wanted a car that bad.
 
Last time I financed a car - which its been a while - I was also buying from out of town and I filled out the loan application online a week before pickup. They came back with a rate higher than my bank and I told them, they asked what it was - I told them, and they matched it. So I let them write the loan. Who cares. I can't remember who the note was with - Nemac maybe?

So long as your filling it out in a secure fashion its not different than doing it at the dealer, and no reason not to do it early that I can think of?
 
leadcounsel said:
Dunno but financially speaking financing a car is a really bad move, absent extremely good reasons and rates.

And 5 hours away?! Driving 10 hours to pick up a Camry!!!! OMG. No.

If you can't pay cash, downgrade your needs.
Click to expand...
I used to think this way and now I do not.

I waited way too long to buy a house because the "experts" said don't buy a house without 20% down. Guess what - housing appreciates faster than the cost of the PMI payment.

I bought used cars. A beater was not an option because I was a renter with no where I could do repairs - see above about housing. Got a couple lemons that caused my family a lot of stress. Should have just bought new, saved myself the trouble. Good luck finding a used deal now anyway.

In no way am I saying you should finance anything other than a productive asset. Financing is simply bringing future consumption forward. A reliable camry that you can keep and use to get to work for the next 15 years sounds like a productive asset to me.

PS - I have paid cash for my last new car as well, so this advice is not coming from someone that is perennially broke.
 
leadcounsel said:
Dunno but financially speaking financing a car is a really bad move, absent extremely good reasons and rates.

And 5 hours away?! Driving 10 hours to pick up a Camry!!!! OMG. No.

If you can't pay cash, downgrade your needs.
Click to expand...
How many people have $30-$40K in the bank to buy a car? I mean, you and I do, but most people live paycheck to paycheck.
 
atikovi said:
How many people have $30-$40K in the bank to buy a car? I mean, you and I do, but most people live paycheck to paycheck.
Click to expand...
Apparently everyone giving advice has plenty of spare 30-40 grand lump sums sitting around for vehicle purchases

Not everyone wants to take a chance on an inexpensive beater and try to DIY the repairs just to be able to use it from point a to b.

No problem telling someone to finance a vehicle if it’s in their budget
 
MoneyJohn said:
The ONLY reason of going 5 hours for Camry is, everyone around me wanted at least 3000 over MSRP for the car that is not even built yet. Paying MSRP itself is making me uncomfortable but in absence of a car, commuting is extremely difficult. So I don't mind driving for 5 years and we plan to make a short road trip out of it.


Thank you, everyone, for the comments. I filled up the application and also checked with the local credit union. Got 5.75%. Going to check with other one tomorrow in hopes of getting around 5%. Toyota has 4.99%. Hopefully I will qualify for that. Oddly, Capital One was generous with 11.25% :unsure:
Click to expand...
These interest rates on car loans have really deterred me from buying a new car

4.99% is quite good these days

Best my credit union can offer is 6.24% for 65 months, up to $50k 😳

Enjoy the trip in your new Camry 👌
 
leadcounsel said:
Dunno but financially speaking financing a car is a really bad move, absent extremely good reasons and rates.

And 5 hours away?! Driving 10 hours to pick up a Camry!!!! OMG. No.

If you can't pay cash, downgrade your needs.
Click to expand...
OP explained $3000 delta ie the drive
 
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