davidnz
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Short answer ==>Yes
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Question on Financing
- Thread starter Mustang_Scotty
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Mustang_Scotty
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- #17
Dave,
In other words if I have a "locked in" loan ready for the Mustang and then get another loan for the SUV will the SUV loan post the same week? Wil that in any way hinder my Mustang loan?
davidnz
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why do you think that it may impact the mustang loan ? I can only speak in general terms as to my past experience ... When I buy multi-cars which I do often I shop them as one package for a lower rates ... Banks love to loan money .. The bigger the loans the better .. Again as long as you have the income to support the loans ..... Let say on paper you may not have the income still you lock on mustang with have nothing to do with the Srt buy ....
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Mustang_Scotty
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Well one package, same dealer?
The mustang is in Conn and the suv in Jersey. My fear is if I get the suv this week the mustang bank will see the new loan the same week and may be hesitant on what I am doing. But if the Mustang loan is locked in then they will never see the suv loan?
Also with the trade in on the SUV the trade-in loan will not be paid off right away either.
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davidnz
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When you let the dealer handle the loan you will pay a 2% markup on the interest Rate ...if you get a 6% rate most likely you can a loan on your own for 4% ... Yes you can go to a direct lender like State farm bank or any local credit union and they will do both loans where-ever...they WANT to give you loans....this way also there will be only one "hit" on your credit.... Most dealer shop your loan to get the best rate for them(the lower buy rate the dealer gets the more he can try to mark it since he gets a commission )....so you end up with 4 or 5 hits if you use the the dealers which lowers your score....
Again ..there is a VERY small chance that in one week or even six weeks one loan may show up on your credit....so if you choose to use the dealer for funding ...your SUV loan won't show up for weeks.....
Soooo the long answer is that if you want to use the dealer for funding and you locked your loan for the mustang and go and buy the SUV you will be just fine...i would't do it that way since it will the most costly .....
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Mustang_Scotty
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Only problem is it's a lot easier in a way for the dealer to do it. And to get 2 loans for different cars at 2 dealerships is easy but hard at the same time, different checks, paperwork, to get to each bank while I'm under the gun and the Mustang is sitting there. I just want to get the trailer there sign and load up and go. I get what you are saying but it's just a headache getting all the info together, then the bank, they make you wait.
davidnz
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You should do what works best for you ......easy most likely costs more.... for me i make one call to one bank fill in one credit app. and then my loan officer handles the rest with in 30 minutes or so most times..i walk in to the dealer and sign one doc which is the "buyer order" and my bank wires the money or i have check in hand from my bank made out to the dealer and skip the "hard sales job" at the finance office.... Good luck ....also for me i rather write one check to one bank for my car payments than for 2 or 3 ....
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Mustang_Scotty
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You are hundred percent correct but I have no idea how to make all that happened in a couple days.
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Mustang_Scotty
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So I called the finance guy for the Mustang he told me it's my choice of Bank either ally or citizens so now my question is he basically put out a feeler I guess to many banks and those were the best rate, so how do I tell the SRT Finance guy now make sure those Banks or not applied with, so they don't see a second loan bring applied for. you know what I'm saying?
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