Originally Posted by mikehn01
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