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  #21  
Old 05-19-2013, 09:36 PM
nikeman nikeman is offline
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Would it be easier to have the check sent to the dealer so they can send off the title?
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  #22  
Old 05-20-2013, 12:40 AM
ShaneDiddy ShaneDiddy is offline
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The check is made out to you and the dealer so you sign it and give to them when you buy the truck. They should send the title off
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  #23  
Old 05-20-2013, 11:18 AM
nikeman nikeman is offline
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Okay. Good to know. I'm going to join after work today! If I can get 1.74% through them then its worth the effort for sure. I just worry because I have good credit but since they won't know I'm trading my current truck in they will think I'm going to have 2 truck payments and that may cause me to get denied. How does that work?
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  #24  
Old 05-20-2013, 11:45 AM
mikehn01 mikehn01 is offline
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This is how it works. You apply for auto loan. They will preapprove you for a loan up to whatever amount you wish. Once preapproved, they will send you a blank check. You take the blank check to whatever dealer you want. You must use the blank check within 30 days or it expires. You can write the check out for any amount you want, up to your preapproved amount. There are instructions that come with the blank check that tell the dealership exactly how to process the check and paperwork.

Having said all that, there are rates out there better than 1.74. You can google if you dont believe me. If you have excellent credit, the dealership can probably get you a better rate.
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  #25  
Old 05-20-2013, 11:48 AM
nikeman nikeman is offline
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I have googled it and PenFed was the best I found. I will join and see what the approve me for and then go from there I guess. Dealer said the best he found was 2.9% and he seemed to think that was a great rate (compared to the 4.7% on my current truck it isn't bad!)
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  #26  
Old 05-20-2013, 08:29 PM
ShaneDiddy ShaneDiddy is offline
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Quote:
Originally Posted by mikehn01 View Post
This is how it works. You apply for auto loan. They will preapprove you for a loan up to whatever amount you wish. Once preapproved, they will send you a blank check. You take the blank check to whatever dealer you want. You must use the blank check within 30 days or it expires. You can write the check out for any amount you want, up to your preapproved amount. There are instructions that come with the blank check that tell the dealership exactly how to process the check and paperwork.

Having said all that, there are rates out there better than 1.74. You can google if you dont believe me. If you have excellent credit, the dealership can probably get you a better rate.
Penfed doesnt preaporove and do a blank check thing.. when you apply they want the VIN number and how much you want to borrow then the check tbey send is for that ammount for that VIN Number.
Also in the application you can soecify that you will be trading your other truck
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  #27  
Old 05-21-2013, 03:20 PM
mikehn01 mikehn01 is offline
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Quote:
Originally Posted by ShaneDiddy View Post
Penfed doesnt preaporove and do a blank check thing.. when you apply they want the VIN number and how much you want to borrow then the check tbey send is for that ammount for that VIN Number.
Also in the application you can soecify that you will be trading your other truck

Correct, my bad, this is how it works at Navy Federal not Penfed.
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  #28  
Old 05-21-2013, 03:22 PM
mikehn01 mikehn01 is offline
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Quote:
Originally Posted by nikeman View Post
I have googled it and PenFed was the best I found. I will join and see what the approve me for and then go from there I guess. Dealer said the best he found was 2.9% and he seemed to think that was a great rate (compared to the 4.7% on my current truck it isn't bad!)
With good credit, dealer can get you 1.29 for 60 months, not sure about 72 months.
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  #29  
Old 05-21-2013, 04:46 PM
nikeman nikeman is offline
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I'm def going to talk about it when my truck comes in. I like the 72 or even 78 months just to make payments lower since I plan on paying extra every month to kill that interest any way. Going to join PenFed to at least have one more option.

Lets say I get approved with PenFed and they send me a check but I get something better with my dealer. Do I just shred the check and forget it or how does that work?

Last edited by nikeman; 05-21-2013 at 04:48 PM.
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