Phatmitzu

iTrader: (34)

Just got an email from the dealer. Got the VIN number, and ETA is Jan 13th. My questions is, when do I start working on the financing? I am going either do it at my bank, or online (peoplefirst.com). Will I be able to get the loan before the car is here? with VIN number. Or I'll have to wait til the car gets to the lot then start my financing process. Because dont I have to pick up the car within 48 hours? so I would like to get the financing done and ready when the car is here.

This is my first time buying with my own name, so please help me with as much info as possible.

Thank you

teh215

iTrader: (8)

I used PeopleFirst.com but, the dealer may be able to get a competetive rate with a local bank. The great thing about PF.com is that you can apply, get the blank check and there is no obligation to use it. Good luck and enjoy. BTW, we expect pics

Phatmitzu

iTrader: (34)

Thanks for the reply. So they will just send me a loan check, and if I decide to use the loan, I simply just deposit it. If not, just void the check? Will I have to mail them(peoplefirst.com) the pinkslip or the dealer will take care of it? They have the ownership of the car correct?

Bertg

Congrats on getting your car soon! When did you order it? I've used Kinecta Federal CU for my last 4 car loans. They give me a check in the amount I needed, say $25,000, payable to the dealer. The dealer then sends the pink slip to the CU, as they now have ownership of the car until you pay off the loan.

onehappydog

FYI, PeopleFirst has a very bad reputation around the Midwest. PeopleFirst wil approve almost anyone initially and their "blank check" service at first glance seems very attactive. However, many dealerships around here in the Midwest no longer accept PeopleFirst's "blank check" and have had to repo several customer cars because the so named "blank check" bounced and PeopleFirst refused to honor their initial credit approval. PeopleFirst has tainted online lending for many uninformed consumers. My advice--- check with your dealership first about PeopleFirst "blank check" acceptance, your bank or credit union will most likely offer decent rates with decent credit. Hang tight.

Phatmitzu

iTrader: (34)

Thanks! I ordered it back in Sep at Performance Nissan.

I now have some idea on how this works. Anyone else have experience thu peoplefirst.com?

Thanks for the replys

Phatmitzu

iTrader: (34)

bump for more info

Nothing

Sept - Jan... wow, that seems like kind of a long lead time... Most people are getting them w/in 2 - 2.5 months... Anyway...

I have a question for you... you didn't lock in a financing rate when you bought the car? Just curious b/c that's something I'm negotiating with dealers right now. I refuse to buy a car without being locked into a good rate... how else can you make a proper budget and make sure you can afford the car? I don't want to scare you, but I know some people who have bad credit who have been quoted car loan rates anywhere from 12% - 20%. That's just ridiculous. Also, the current rate for 350Z's as I understand it is about 4.5%. Anything more and the dealer is skimming off the top... taking points.

N.

Nothing

...and one more question... what the hell is the girl in your sig saying?

N.

Tweety-nator

I used peoplefirst.com to get my loan at 4.25% back in December. I heard that Peoplefirst had a bad rep among dealers, but they are now owned by CapitalOne. You should have no problem.

I got my blank check in a week, but you can speed up the process by paying a fee. My dealer managed to beat the rate at 4.15% through another bank, so I went with them. Once you get an account, you can go to Peoplefirst's web-site and cancel your blank-check. Pretty simple.

Phatmitzu

iTrader: (34)

Yeah, I ordered it at the end of Sept, so it actually went in at the first week of October. I guess 3 months isnt that bad, Im just glad that its almost over.

I havent talk to the dealer about the financing yet. Just want to know my options before I walk into the dealer. I am downing 1/3 of the car, and financing the rest. I have a pretty high credit score(checked it 1 month ago), so I think I would have no problem getting a low rate. Just wanna see whos got the lowest one.

Phatmitzu

iTrader: (34)

Well, the captions arent what she was saying, so I have no idea. But who care, shes one cutie isnt she

Phatmitzu

iTrader: (34)

Yeah, thats what Im planning to do. I got the 4.45 @ 48 months rate at peoplefirst. I planning on taking the check to the dealer to see if they can beat that rate. If they can, great. Ill just void the check and cancel the loan, since there arent any obligations. If they cant, Ill just use peoplefirst. 4.45 is not a bad rate for my age I guess (Im 23).

Edit: I just did the application. It turn out that the rate is "as low as" 4.45. I got approved for 5.99 @ 48 months. I might try my companie's credit union for lower loan.

Enron Exec

Watching her is hypnotic. 8-D.......

islandsnow

iTrader: (6)

Phatmitsu,

your credit union usually will give you another .5% off if you let them take the money out of your bank account. Most credit unions do this, but yeah, get the financing first, that way their financing guy won't try to screw you into some lame how much can you afford deal. Did you talk with Jeff at performance, he says he can get 1000 off msrp if you talk to him first.

good luck.

Phatmitzu

iTrader: (34)

Thanks for the info. Ill def look into it.
Yeah, I did ordered mine at Performance Nissan and did get a pretty nice deal from them.

ragtopz

we went through my credit union. we applied first. we told them what type of car it was. we didnt even have a vin at the time. they processed us and were approved. then a few months later when we bought the car at the dealership, we were given the paperwork and then we drove over to the credit union and processed the loan. the credit union then called the dealership and mailed them the check. it was pretty easy actually. fortunately, the dealership, credit union and my home are about 2-3 minutes apart from each other.

Nothing

You have a Z and live in honolulu... isn't everything just about 2 - 3 minutes from you house?

N.

Phatmitzu

iTrader: (34)

They let you drive away the car without paying first?

Oh, does anyone know how much time do I have for me the process my finance after the car gets here? How long will the dealer hold the car for me?

islandsnow

iTrader: (6)

Depends on the dealer, some will make you fill out their financing forms with a higher % rate just in case your financing doesn't come through, but usually will wait at least 2 weeks to get your financing straightened out. Wont take longer than that anyways.