Final Step: Purchasing

toughtoaster

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This will be my first time purchasing a new car from a dealer via financing a loan. My other cars I usually purchased outright with cash.

I’m confused a bit about the process when finalizing the purchase and handing over the money.

1. I plan on putting a down payment so do I get a check from the bank for my funds then like I would paying cash outright?


2. Financing
2a. If I find a better rate at an outside lender do I have them cut me a check for the financed amount?
2b. If I want to see what the dealership finance will offer do I get that quote before I go in to take delivery?

I guess I’m just confused on the process of where/when the money exchanges hands and in what form is standard.
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Used2jeep

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This will be my first time purchasing a new car from a dealer via financing a loan. My other cars I usually purchased outright with cash.

I’m confused a bit about the process when finalizing the purchase and handing over the money.

1. I plan on putting a down payment so do I get a check from the bank for my funds then like I would paying cash outright?


2. Financing
2a. If I find a better rate at an outside lender do I have them cut me a check for the financed amount?
2b. If I want to see what the dealership finance will offer do I get that quote before I go in to take delivery?

I guess I’m just confused on the process of where/when the money exchanges hands and in what form is standard.
1 - bank check or personal check
2a - Set it up before you go, call them/send them the p&s
2b - Do that when you get there while you have the outside in hand
 

Lilj4425

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Use an airline credit card for the down payment, get the miles, and pay it off the day it is fully processed. Then take a nice vacation with all of those new miles. ? That’s what I am doing.
 
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toughtoaster

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Use an airline credit card for the down payment, get the miles, and pay it off the day it is fully processed. Then take a nice vacation with all of those new miles. ?
Ive heard the fees associated with the credit cards pretty much negate the rewards you would get. Plus I want to drive my new vehicle not leave her :cry:
 
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1 - bank check or personal check
2a - Set it up before you go, call them/send them the p&s
2b - Do that when you get there while you have the outside in hand
When you say “outside in hand” you are referring to an outside lenders check? What if I go with the dealer because of a better rate? So I just return the lenders check?
 

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Use an airline credit card for the down payment, get the miles, and pay it off the day it is fully processed. Then take a nice vacation with all of those new miles. ? That’s what I am doing.
Check with your dealership first and find out if they charge any fees for CC use or if they cap the amount you are allowed to charge on a CC. Most have some sort of policy in place that is not consumer friendly.
 

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Every bank does it a little different, but it’s easy enough to get outside financing. They will get you set up with no problem. Most will give you some type of paperwork to give to the finance guy at the dealer when you pick up the vehicle and they will take care of it. It’s easy.

If the dealer has better financing, no problem at that point to switch.
 

Used2jeep

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When you say “outside in hand” you are referring to an outside lenders check? What if I go with the dealer because of a better rate? So I just return the lenders check?
Neither.

You would normally have a ballpark number that you need, say $50k, go to your credit union (whatever) say "Hey, will you loan me $50k for whatever?" -
"Sure we will"
"Great, I'm going to do final paperwork on <whatever day>."
"OK, call me <Suzy/Sam> with the final number when you are there."
"Will do".
 
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toughtoaster

toughtoaster

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Every bank does it a little different, but it’s easy enough to get outside financing. They will get you set up with no problem. Most will give you some type of paperwork to give to the finance guy at the dealer when you pick up the vehicle and they will take care of it. It’s easy.

If the dealer has better financing, no problem at that point to switch.
Ah okay that makes more sense instead of just straight up carrying the check for the amount from them etc. Thanks!
 
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toughtoaster

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Neither.

You would normally have a ballpark number that you need, say $50k, go to your credit union (whatever) say "Hey, will you loan me $50k for whatever?" -
"Sure we will"
"Great, I'm going to do final paperwork on <whatever day>."
"OK, call me <Suzy/Sam> with the final number when you are there."
"Will do".
Makes much more sense it would go that way. Thanks!
 

kodiakisland

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Ah okay that makes more sense instead of just straight up carrying the check for the amount from them etc. Thanks!
Yeah, you don’t actually have a loan until the dealer sends the vehicle info to the bank. You will be preapproved for a max amount. You don’t have to convert that into an actual loan if you get a better rate through Ford.
 

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Ive heard the fees associated with the credit cards pretty much negate the rewards you would get. Plus I want to drive my new vehicle not leave her :cry:
This is why @Lilj4425 said to pay it off right away. No fees for you that way.

Many dealerships restrict the amount you can put on a card because they get charged a percentage on any credit card purchase.
 
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toughtoaster

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This is why @Lilj4425 said to pay it off right away. No fees for you that way.

Many dealerships restrict the amount you can put on a card because they get charged a percentage on any credit card purchase.
Well that’s what I mean. Sometimes they tack on 2-3% of what you put on the card. So $1k would really be $1,020
 

Aman

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Well that’s what I mean. Sometimes they tack on 2-3% of what you put on the card. So $1k would really be $1,020
I suppose if you want to put a large amount on the card, the dealer may choose to charge you the vig, but for a deposit of $1000 they shouldn't.
 
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