Car loans?

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14 posts
Obi-dan
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Postby Obi-dan » Sat Aug 17, 2013 9:26 pm

Every bank can have its own policy but generally the bank settles after receiving a purchase order from the dealership. This will take place after you receive the car. The bank will only send the dealership the amount of the p.o.
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jrv
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Postby jrv » Sun Aug 18, 2013 2:57 am

agp wrote:For the first option... Doesn't Penfed cut me or the dealer a check before I purchase the vehicle? How would they know that let's say if 30K is cashed, that the actual car was only 25k?


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agp
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Postby agp » Sun Aug 18, 2013 6:29 am

So I should apply for the loan after I put down a deposit? What if my loan isn't approved?

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jrv
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Postby jrv » Sun Aug 18, 2013 9:55 am

agp wrote:So I should apply for the loan after I put down a deposit? What if my loan isn't approved?


Apply for the loan before putting down a deposit. If you're approved most banks will give you 30 days to shop for a car. You will have to check with PenFed on what their policy is.
If you're not approved, then you will have to either find a car that you can afford to pay in full, or build up your credit to where you can qualify for a loan.
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