Getting pre-approved for coach financing
Two dealers are telling me there is no process for getting pre-approved for a loan. Seems like it would make some sense so as not to waste my time or a salesman's time looking at coaches I can't buy....
Forum Discussion
midnightsadie wrote:
find your own loan company,the dealer gets a huge chunk if you borrow threw them.and you,ll get a lower rate.
Maybe, maybe not.
Many times dealers can buy money cheaper than we can - it is up to them if they want to pass on the rate or a portion of the rate. Don't take their rate offer as cast in stone, and don't be afraid to negotiate that part of the sale too.
We had always arranged our our financing in the past, when we bought our last one the dealer was 1 point less than any other place we could find. Obviously we went with the dealer.
A good friend of mind is the finance manager at a local car dealership, he *always* gets us great rates. My last truck was at 1.67 percent through a local bank. Believe me, the banks have sales on money and want good customers too. In the cases where they pass the rate through they get paid an origination fee, so they get something out of it regardless.
