Auto Loan with Honda - Pre-approval first? (Fayetteville, Cary: good credit, home)

[gcretro]

Howdy folks.
Since Honda is offering 0.9% for 36 months on new cars, I plan to finance via them. Already negotiated the OTD price. (Dealer here may be Bryan Honda at fayetteville or Autopark in Cary if they match the offer I have)

Now is the loan approval on the spot? Will I know 100% that my loan has been approved before I drive out? What papers should I ask them to confirm approval? My Fico score is 770

Or Should I do the pre-approval at honda financial website first before I go to the dealer?

(I read somewhere about the dealer calling back after a week and stating that the loan wasn't approved, get the car back scams or accept this higher rate BS)

Thanks

[RedZin]

Do it online with the internet rep for the dealership.

[m378]

Yeah it's all on the spot - don't bother with the honda website.

[zinner]

You can bother with the online stuff if you just want to be SURE you will get a loan, but you will still be filling it all out at the store again. All approval is on the spot in my experiences buying cars.

It's not a lot of work maybe 5 minutes ? Name, SSN, addresses past and present, employer, salary.

[JONOV]

I wouldn't hassle with it. If you have a FICO of 770 you should be a shoe in for the loan. If you go in with the attitude of "I have great credit, why wouldn't I get it?" the dealer won't try those games. If the store doesn't have a history trying to claw the deal back in, you shouldn't worry. If you go in with the attitude "Its only 770, do I need 800 for that rate?" you might deal with someone trying to take advantage of you.

I only saw that one time, where the "loan didn't get approved," and it was actually a combination of a gullible finance manager and a shady customer. The bank asked for her pay stubs, and the Finance MGR let her take the car home on the condition that she came back the next day with stubs...She never would (because CNA's don't make $84,000/year) and it turned into a debacle.

You do technically sign something "contingent on approval..." but if you have good credit, a healthy DTI ratio, and make enough to buy the car you are worrying yourself over nothing.

[gcretro]

ok thanks. But no harm apply for pre-approval I suppose on the honda website?

Btw slightly off topic. Just occurred to me. Fayetteville was hit hard by hurricane Matthew. How can I confirm that the card wasn't standing in 8-10 inches of water. (not enough to come inside but suspension submerged for days)

[m378]

The online "pre-approval" is just a way to build contacts if I were to guess. Just skip it.

[JONOV]

Originally Posted by gcretro

ok thanks. But no harm apply for pre-approval I suppose on the honda website?

Btw slightly off topic. Just occurred to me. Fayetteville was hit hard by hurricane Matthew. How can I confirm that the card wasn't standing in 8-10 inches of water. (not enough to come inside but suspension submerged for days)

Honda Corporate or Fayetteville Honda? I honestly wouldn't waste my time with any dealers website. And I would be leery of the security. It will take all of five minutes to fill it out in the dealership.

As for flooding, look at the lot. If the lot appears to have been under water, (look for mud around trees and light posts, etc) then pass.

[RedZin]

Your score is 770. If you have sufficient income and proof of it (and you're not self-employed or some other complication), then go to the dealership of your choice that has the vehicle you want and make a deal.

You're overthinking this.

[luv4horses]

Transfer of title requires a sign off on exposure to flooding and a few other damage issues.