Saturn Sky Forum banner

1 - 9 of 9 Posts

·
Registered
Joined
·
70 Posts
Discussion Starter #1
To speed up the buying process for our Skys, you could get a loan pre-approved before you go to pick up your car. There are several bank and companies that you can use, but I was surprised to find that GMAC has an online application and you can be pre-approved through them. They usually have the best rates (no, I don't work for them...).
 

·
Registered
Joined
·
623 Posts
Yea, I plan on doing this thru my Credit Union.
 

·
Registered
Joined
·
202 Posts
It is always a good idea to shop for financing before you shop for a car. You should know more about your own credit situation than a car dealer. So many times I have people who think they are the bee's knees creditwise so I show them the lowest available rate- only to find out they are a 576 FICO and that attractive 0.9% or 4.9% loan is just not going to work. If you have a pre-approved loan when you arrive at a dealer, they can always try to beat it but you have a backup just in case they try to hornswaggle you.

Dealer: Here you go sir, 72 payments of $617/month at 14.95% interest!
Uh.. I'm pre-approved for 7.9%, make that $511/month.
Dealer: Oh, let me see... what if we can get you 6.9%?
Try this yourself!

Just because a dealer *can* get you a lower rate, doesn't mean they have to offer it to you. We're not allowed to mark-up subvented rates, but any standard rate from a bank can be marked up up to 3 points over the buy rate.
Credit unions are different- they give the dealer a flat fee for sending them the business, usually $100-300 depending on the terms.
 

·
Premium Member
Joined
·
2,360 Posts
wtxhl said:
To speed up the buying process for our Skys, you could get a loan pre-approved before you go to pick up your car. There are several bank and companies that you can use, but I was surprised to find that GMAC has an online application and you can be pre-approved through them. They usually have the best rates (no, I don't work for them...).
Got a link?
 

·
Registered
Joined
·
202 Posts
brentil said:
Got a link?
http://www.gmbuypower.com

On the upper right click on "shop & buy tools"
scroll to GMAC financing
click that and an express application will pop up.
the rest is up to you...

Note you still may need to fill out credit info at the dealer for the DMV.
 

·
Premium Member
Joined
·
2,686 Posts
GMinTheDriveway said:
http://www.gmbuypower.com

On the upper right click on "shop & buy tools"
scroll to GMAC financing
click that and an express application will pop up.
the rest is up to you...

Note you still may need to fill out credit info at the dealer for the DMV.
Thanks for the link. :)
 

·
Registered
Joined
·
1,073 Posts
Thanks AGAIN!!! I friggen love this place!!!!

<Thinking To Self:> Hey!!! I belong to a Credit Union (from days of old). I have had $.56 in an account for at least 5 years and I get a statement every month. Since then I bank at Wamu, but invest through ING (which the interest just went up on), and I read the email about getting a loan in advance and I thought - BRILLIANT!!!
So, I looked at the website and the auto loan interest rate is great! So, I applied and am now waiting back for the approval. Now I am happy that I can keep my tibby (Tiburon/Tuscani), which I love so much. It's a 2003 black on black, all leather 2.7, 180 hp with dual exhaust and 6-cyls. I love it and it's treated me so good!!!! So, by the time I can pick up my SKY, I'll only have about $8,000 left to pay and still have 50,000 miles left on my warranty. I just want to thank you all, seriously from the bottom of my heart. I love hanging out in here and have learned so much. It was good that I loved football, but to be able to talk about cars AND football?????? Ya gotta love it!!!
 

·
Registered
Joined
·
70 Posts
Discussion Starter #8
GMinTheDriveway said:
http://www.gmbuypower.com

On the upper right click on "shop & buy tools"
scroll to GMAC financing
click that and an express application will pop up.
the rest is up to you...

Note you still may need to fill out credit info at the dealer for the DMV.
GMAC told me I will receive a certificate that is good for one to three months depending on my credit rating. I will have to tell them which dealer I am buying the car from when I apply. There are no extra finance-related queries required by the dealer.
 

·
Registered
Joined
·
242 Posts
Angelqute1 said:
<Thinking To Self:> Hey!!! I belong to a Credit Union (from days of old). I have had $.56 in an account for at least 5 years and I get a statement every month. Since then I bank at Wamu, but invest through ING (which the interest just went up on), and I read the email about getting a loan in advance and I thought - BRILLIANT!!!
So, I looked at the website and the auto loan interest rate is great! So, I applied and am now waiting back for the approval. Now I am happy that I can keep my tibby (Tiburon/Tuscani), which I love so much. It's a 2003 black on black, all leather 2.7, 180 hp with dual exhaust and 6-cyls. I love it and it's treated me so good!!!! So, by the time I can pick up my SKY, I'll only have about $8,000 left to pay and still have 50,000 miles left on my warranty. I just want to thank you all, seriously from the bottom of my heart. I love hanging out in here and have learned so much. It was good that I loved football, but to be able to talk about cars AND football?????? Ya gotta love it!!!
now that is a plus!:lol: :cheers:
 
1 - 9 of 9 Posts
Top