Financing with no VIN?

[bimmerboy]

Hey All-

Curious as to how you guys are obtaining financing right now?

I am currently trying to get pre-approved for a new car loan, however Wells Fargo is requiring that I give them a VIN# before they can give me a rate... Obviously I don't have the VIN, as the car is pre-ordered...

Is anyone else trying to get pre-approved or are you all waiting until the car arrives to begin the financing/pre-approval process? Also if you could provide me ball park rates/terms you are getting (if you don't mind) that would be appreciated!

Thanks

[thermobox]

You shouldn't be trying to secure financing until you have a car on the ground that you are buying.
Finance Programs are time sensitive and could expire prior to delivery of the vehicle. I don't know of a bank that will supply a loan without a VIN#.

[Grimlock]

The dealership should be able to pre-approve you through Subaru's financing arm, but beyond that, no.

You could tell the bank you aren't sure what car you'll get, but you want to be pre-approved for a certain price range. I've never done that with a car, but it works for buying houses.

They might not be able to give you a rate right now, but at least you would have secured financing if necessary.

[Dadhawk]

Originally Posted by bimmerboy

...Is anyone else trying to get pre-approved or are you all waiting until the car arrives to begin the financing/pre-approval process? Also if you could provide me ball park rates/terms you are getting (if you don't mind) that would be appreciated!

My credit union pre-approved me for a loan with just a make/model and MSRP. Once the VIN is available the loan would be finalized and the check would be cut.

That's pretty normal for a pre-approval. It always says "subject to final review" once the car is selected and they have a VIN.

Still trying to decide whether to pay for the car outright or finance half. Rate is 2.75% for 4 years paying off the balance in 2.

(Not asking for advice there. We've been through this ad-nausem on the forum already!)

[Teh_Poop_Shoot]

http://www.ft86club.com/forums/showthread.php?t=4336

[luxmn]

Originally Posted by Dadhawk

My credit union pre-approved me for a loan with just a make/model and MSRP. Once the VIN is available the loan would be finalized and the check would be cut.

That's pretty normal for a pre-approval. It always says "subject to final review" once the car is selected and they have a VIN.

Still trying to decide whether to pay for the car outright or finance half. Rate is 2.75% for 4 years paying off the balance in 2.

(Not asking for advice there. We've been through this ad-nausem on the forum already!)

same for me, pre-approved with full amount (i may down 1/3 but they still tell you how much they are willing to loan you)

i may finance w Toyota to get the student discount and refinance with my credit union.

in my experience, repeat only my own, banks are evil, credit unions are your friend.

[bimmerboy]

Originally Posted by thermobox

You shouldn't be trying to secure financing until you have a car on the ground that you are buying.
Finance Programs are time sensitive and could expire prior to delivery of the vehicle. I don't know of a bank that will supply a loan without a VIN#.

Right, I understand pre-approvals only last 30 days. Basically trying to shop around for the lowest int. rate possible before the car arrives... I've already committed to the car and its not on the ground, so why not get the financing in order u know?

Originally Posted by Dadhawk

My credit union pre-approved me for a loan with just a make/model and MSRP. Once the VIN is available the loan would be finalized and the check would be cut.

That's pretty normal for a pre-approval. It always says "subject to final review" once the car is selected and they have a VIN.

Still trying to decide whether to pay for the car outright or finance half. Rate is 2.75% for 4 years paying off the balance in 2.

(Not asking for advice there. We've been through this ad-nausem on the forum already!)

Thanks. My father goes through a credit-union and said they do the same thing. Run your score, and pre-approve you up to a certain amount regardless of the car. Maybe I will try a CU. Just have my checking/1st auto loan through wells-fargo so thought they could help me out more..

I want to shop around for the lowest rate well in advance of arriving at the dealership. Going with their financing is my last resort as it tends to be higher.. Who knows tho, I hear subaru uses Chase which isn't too bad.

I just want this stinkin car now! lol

[send2michael]

I went through PenFed and got 1.99%. I basically have a blank check valid for 90 days to fill out and give to the dealer once we agree on a price.

[eikond]

Originally Posted by send2michael

I went through PenFed and got 1.99%. I basically have a blank check valid for 90 days to fill out and give to the dealer once we agree on a price.

I did my last loan through PenFed, and I was thinking I would do the same this time as well. 1.99% is pretty hard to beat.

I wasn't sure though if they would issue the loan approval without the VIN. I know I did have the vin ahead of time on the last loan I did with them.


Thanks for confirming!

[Dave-ROR]

Originally Posted by Dadhawk

My credit union pre-approved me for a loan with just a make/model and MSRP. Once the VIN is available the loan would be finalized and the check would be cut.

That's pretty normal for a pre-approval. It always says "subject to final review" once the car is selected and they have a VIN.

Still trying to decide whether to pay for the car outright or finance half. Rate is 2.75% for 4 years paying off the balance in 2.

(Not asking for advice there. We've been through this ad-nausem on the forum already!)

Too high for the rate. PenFed and my local CU are both 1.99% for 48 months.

[Future]

w00t... in Canada (quebec)... best rate i can get is 4,99% + don't forget were paying 15% tax... wtf!

[Enemies]

Originally Posted by Future

w00t... in Canada (quebec)... best rate i can get is 4,99% + don't forget were paying 15% tax... wtf!

You're happy with 4.99%? Have you figured out what your payments would be at 4.99% and 15% tax?

[dorkymork]

No use beating a dead horse, but I sure do like posting in this forum, so here goes: I also went through a credit union and was able to finance without a VIN and with the car not yet available.

I did so just to make sure I wasn't going to embarrass myself the day the car is released.

[Future]

Originally Posted by Enemies

You're happy with 4.99%? Have you figured out what your payments would be at 4.99% and 15% tax?

was being sarcastic... ... didn't check the payments honestly.. but i'll probably give around 7k+ deposit to lower them down a little bit.