Financing questions

[Truemen911]

Hey, is anyone here a Finance person at a dealership? Or have a lot of knowledge about proof of income requirements, etc?

I have a few questions, would like to be more prepared for when my car gets here feel free to PM me! Thank you!

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[RisingForce]

Hey, is anyone here a Finance person at a dealership? Or have a lot of knowledge about proof of income requirements, etc?

I have a few questions, would like to be more prepared for when my car gets here feel free to PM me! Thank you!

what kinda questions you got? I will try to help you through here or PM.

 

[bvdawg13]

Usually when you fill out an application the dealer just wants to know how much money I make, they have even asked me to say more than i actually do make. Maybe because I have good credit.

If you have bad credit they will want your pay stubs and possibly a co signer.

 

[Patrick S]

Usually when you fill out an application the dealer just wants to know how much money I make, they have even asked me to say more than i actually do make. Maybe because I have good credit.

If you have bad credit they will want your pay stubs and possibly a co signer.

^^ YUP!

your credit rating has a lot to do with this. the lower your credit score, the more paperwork they will need - pay stubs, ETC.

If you have good credit, they will call your job and ask if you work there.

 

[Tcnarber]

Shoot me PM, i have been in the financial services industry for 22 ears. Primarily with lending, I have been a branch manager, underwriter for 10 of those years.

 

[JimmyTwoTimes]

You can almost always get better financing from independent banks than you can through the dealer.

 

[MagneticXV]

I've never gotten a loan from a bank to put purchase a vehicle. How do I go about doing that ? What do I need to bring?

 

[L8APEX]

Pay stub, low debt-income ratio, solid credit history, assets........ect

 

[JimmyTwoTimes]

I've never gotten a loan from a bank to put purchase a vehicle. How do I go about doing that ? What do I need to bring?

Depends on the bank.

I get loans from my bank I do most of my banking through, and I've been a customer of theirs for fifteen years and they don't require any anything. If you go to the bank where you have your normal checking account, if you get a direct deposit they'll already know how much money you make, so you shouldn't have to bring any paystubs or anything like that.

 

[MagneticXV]

When should I go to the bank? My cars eta is in 2 weeks. Do they need a vin or any info from the dealer ?

 

[L8APEX]

When should I go to the bank? My cars eta is in 2 weeks. Do they need a vin or any info from the dealer ?

Bring with you the bill of sale/vehicle purchase agreement. Go now. Have it lined up now. And shop around, go to more then one bank

 

[JimmyTwoTimes]

They'll need the VIN and they'll need to speak to your dealer before delivery so that they can secure their interest in the car through the proper filings with the State, but that process doesn't take very long -- last time I bought a car, they got in touch with the dealer like three days before delivery. But I'd speak to the bank as soon possible about arranging the loan -- they're really easy for me, but, like I said, I've been using my bank for 15 years and have multiple accounts with them, including like $80K in a savings account and a credit card I run $4K a month through, so they're probably more lax with standards for me than they might be for most people.

 

[MagneticXV]

Thanks everyone ! Will try going Monday. What do you guys consider a good interest rate by the way

 

[JimmyTwoTimes]

Thanks everyone ! Will try going Monday. What do you guys consider a good interest rate by the way

Depends on your credit. I got 0.89% but that's by far the lowest I've heard of anybody getting... I would say anything under 2% is good; if they offer you higher than 3.5% (assuming you've got decent credit, say, a credit score over 700) you should look elsewhere.

 

[domingos35]

Pay stub, low debt-income ratio, solid credit history, assets........ect

Damn!!
Are you buying a car or a freaking Gulfstream G4 private plane

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