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I did an online credit application with a dealership - it basically asked my SSN, gross monthly income, employer, length of employment, length of time at my address and monthly mortgage payment. I was contacted by the finance department and the salesman and asked them to provide me a firm rate/payment before I'd come in, which they have. My question is, do people usually need to bring paystubs, etc. They haven't asked me for anything.
You will do the paperwork at the dealership.. If your buying a car you can go to your credit union and get preapproved and then go get a car.. They just basically run your credit and then give you a car.. What may happen is if there's a problem they may just say bring the car back after a week..
The goal is to get you in to the dealership..If any documentation is needed they will ask you then..
Hmmm, but I've already been into the dealership and have picked out a particular used car and know the price and the rate they have offered is for that one car.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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If you go in on Sunday and the credit bureau they use & your employer are closed, they will make a judgment based on what you did provide and let you take the car. If they have any doubt, they will make an excuse such as "getting the car ready" to wait until Monday. If your employment cannot be verified or the credit report comes back bad, they can indeed have you bring back the car, require more down payment, or increase your interest rate. There is likely fine print on the contract you signed specifying something like "subject to verification." They can even come back on your trade, if the payoff amount was wrong, or you failed to disclose something like a salvage title.
Fields of Green, I applied for credit online at an auto dealership when I bought my last new car. Everything, including the haggling over price, was done online. I presume they verified my income with my employer because I never had to show pay stubs or any proof of income.
When I went to the dealership, it took less than 10 minutes to sign all the paperwork and drive off in my new car. Easiest way to buy a car...ever!
Turns out it was indeed as easy as that - I did the application online, got the interest rate so there would be no surprises, went into the dealership and drove away within about an hour (after signing tons of documents and having the salesman show me some basic functions of the car). I agree, best way to buy a car!
I haven't done anything but fill out the paperwork at the dealer for my last 4 auto loans. Of course, high credit scores don't hurt either.
Agreed. My CU gave me a blank check for the amount I asked for, took them 3 minutes to approve it. The dealership gave me a better rate (2.4) and all I gave them was my SSN. No paperwork for finance. Helps when you bust your butt to keep your credit score high!
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