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Old 03-15-2017, 11:40 AM
 
2,360 posts, read 1,563,183 times
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Spent 2 days trying to trade in my old HHR..
One dealership was their for 6 hours!! just to get told no needed little bit more down payment,

Another one working on 8 hours just to get a semi approval, due to my having a credit lock, i have to wait 24 hours for it to be removed.

So whats the most time you spent at a dealership getting a loan.. GD shouldnt never take longer than a hour or 2..
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Old 03-15-2017, 11:42 AM
 
4,600 posts, read 4,520,398 times
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Get pre-approved before stepping foot on dealership. Heck you can do a lot of stuff beforehand and basically go there to finalize papers and take possession of car
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Old 03-15-2017, 11:46 AM
 
12,867 posts, read 7,636,611 times
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Always go to a dealer with a loan from a credit union already approved. Can give them a chance to beat the rate but don't go in blind. Completed a deal in about 20 minutes when I brought my own financing.

Also, a credit freeze lift only takes a couple minutes not 24 hrs. Easy peasy to do online or over phone.
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Old 03-15-2017, 12:09 PM
 
20,757 posts, read 12,315,774 times
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I've never gotten a car loan at a dealership. I've paid cash for all my new cars over the last 20+ years. It's like anything else. If you have a good credit rating, good employment history, and you're putting up a substantial down payment, borrowing money is trivial. If they have to shop you to every sub-prime car loan profiteer to find one willing to write an iffy car loan, that can take a while.
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Old 03-15-2017, 12:36 PM
 
2,360 posts, read 1,563,183 times
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Quote:
Originally Posted by notnamed View Post
Always go to a dealer with a loan from a credit union already approved. Can give them a chance to beat the rate but don't go in blind. Completed a deal in about 20 minutes when I brought my own financing.

Also, a credit freeze lift only takes a couple minutes not 24 hrs. Easy peasy to do online or over phone.
They told me 24 hours no less, so they going to try again in a few hours and i can go by and sign the papers. We got approved, just finishing up the bank stuff. Kinda sicking on how they take so long to do this and the paperwork.. stupid stupid stupid. I try local credit unions, but want to shop around too.. dealership given me better rate..
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Old 03-15-2017, 12:38 PM
 
Location: North Beach, MD on the Chesapeake
38,438 posts, read 50,069,733 times
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Usually about an hour or so, exclusive of the test drive.
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Old 03-15-2017, 12:41 PM
 
Location: Keosauqua, Iowa
9,302 posts, read 18,988,668 times
Reputation: 12740
Quote:
Originally Posted by hitpausebutton2 View Post
Spent 2 days trying to trade in my old HHR..
One dealership was their for 6 hours!! just to get told no needed little bit more down payment,

Another one working on 8 hours just to get a semi approval, due to my having a credit lock, i have to wait 24 hours for it to be removed.

So whats the most time you spent at a dealership getting a loan.. GD shouldnt never take longer than a hour or 2..
If your credit's decent, it doesn't.

When you finance through a dealership you're not borrowing from the dealership itself, you're borrowing from a third-party lender. They usually work with multiple lenders in order to get the best deal for you and themselves, mostly themselves. And there's going to be some back-and-forth with each one. So all in all, I'm not surprised it takes awhile.

If you want to avoid the delay in the future arrange the financing yourself ahead of time.
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Old 03-15-2017, 12:48 PM
 
2,360 posts, read 1,563,183 times
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Quote:
Originally Posted by duster1979 View Post
If your credit's decent, it doesn't.

When you finance through a dealership you're not borrowing from the dealership itself, you're borrowing from a third-party lender. They usually work with multiple lenders in order to get the best deal for you and themselves, mostly themselves. And there's going to be some back-and-forth with each one. So all in all, I'm not surprised it takes awhile.

If you want to avoid the delay in the future arrange the financing yourself ahead of time.

We try too but didnt have much luck on a decent rate. Most wanted high interest because my wife has little to no credit so it drop us in to the mid risk.. But the dealership got us 4.2 vs bank 8.. so not going to complain too much.. If i was able to get it without a co-signer be nice but my score is like 2 points shy on getting that done.
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Old 03-15-2017, 01:19 PM
 
Location: Greensboro, NC
5,914 posts, read 5,296,424 times
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That's part of the dealership's strategy to wear you down. The longer you're there, the more they'll exhaust you to the point where you'll accept any offer just to sign papers and go home.

I've heard that the best way to play this game is to wait about an hour before closing time, during the week, when it's raining, toward the end of the month, and buy your car then. I would bet your stay at the dealership would likely be much shorter.
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Old 03-15-2017, 01:21 PM
 
12,867 posts, read 7,636,611 times
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Quote:
Originally Posted by hitpausebutton2 View Post
They told me 24 hours no less, so they going to try again in a few hours
Who told you? Dealer or the credit bureau? Dealer was likely just buying time to farm out the loan.
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