0% apr for 60mo on the z?

ElVee · 04-12-2013, 03:49 PM

Quote:

Originally Posted by 6MT-Z34

I have really good credit, I've been building it since I was 18-19 I just turned 23 lol. I know I'm still young but I always pay my credit cards in full I don't like to have to pay interest on them lol.

I won't be putting down much (around $5-6K), I just think with 0%APR I can save a few bucks for other stuff throughout the month. But you are right about getting into a loan without having the car first. Do you think I can go and "lock" that percentage before the car gets here? Thanks for your help!

It can't really hurt to ask around. Just know that most applications are only good for about 30 days. But it's far better to ask around and have some options than to go hunting the day of and/or have to settle for whatever the dealer sets up for you.

6MT-Z34 · 04-12-2013, 03:52 PM

Quote:

Originally Posted by ElVee

It can't really hurt to ask around. Just know that most applications are only good for about 30 days. But it's far better to ask around and have some options than to go hunting the day of and/or have to settle for whatever the dealer sets up for you.

True, you think I should ask the dealer I order the car from or go to another dealer and find out if I can "lock" the APR and order a Z? Thanks for your help!!

ElVee · 04-12-2013, 04:02 PM

Quote:

Originally Posted by 6MT-Z34

True, you think I should ask the dealer I order the car from or go to another dealer and find out if I can "lock" the APR and order a Z? Thanks for your help!!

The dealer isn't going to lock anything until the papers are signed and you're taking possession of the car. Everything else is just words and not binding. And even then you have to read the written contracts carefully.

You can "lock" rates by having a pre-approved loan from a third-party bank or credit union. For instance, I applied to a local credit union, and got a pre-approved loan at 2.49% with a general understanding of about $40k price of the car with $10k down. That is then good for 30 days for me to get the car in and sign things with the dealer. At that time, a fancy dance occurs where I sign for the car, the dealer sends the title to the credit union, and the credit union foots the bill with my promise to pay them. Or however they want to handle it.

It's easier to go through the dealer, but ultimately you're losing money if the % differs.

(Or even with matched %, it might be worthwhile to still go through your third party if building a relationship with them is important to you.)