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  • MTA

    TGT Addict
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    Mar 10, 2017
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    Fannin
    I feel like I should know this but I don't buy a ton of cars. I got preapproved for an a car loan by my credit union. They are giving me the funds at the branch location tomorrow so I am assuming that means a check or cash? I haven't done the preapproval route before.

    My understanding is that if I end up with excess money after I am done buying a car, I would have it(excess money) as cash?

    Searching online didn't really give me an answer and I am hoping someone here has done a preapproved car loan before when they havent picked out a car yet.
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    TexasBrandon

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    Jul 14, 2011
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    Salado
    They pre-approve you up to a specified limit and then you buy the vehicle of your choice within that limit. The check is cut for the total amount, nothing extra. I do this all the time and did this with USAA when I bought my Titan earlier this year. Just make sure you ask them for the out the door price to include TT&L before you tell your bank the total amount.
     

    Dad_Roman

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    Apr 1, 2018
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    Teague
    You should be asking your specific loan officer at the Credit Union for THEIR parameters.

    Might be as easy as makin your deal and tellin the dealer to call so & so at the CU....done.

    Extra monies...as said, its an upper limit only. You will have to return to the CU to finalize the loan paperwork once the total dollar amount is ascertained.
     

    orbitup

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    Waxyscratchy
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    sharkey

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    Feb 25, 2013
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    Pffft, not by a long shot. Did your loan officer vote for Beto? Will the CU Mgr. Disarm you prior to signing paperwork and does he have the authority to do so? Likewise, does the car dealer intend on employing any of the caravan coming across? These Qs need to be answered before you drive off. Good God man, think.

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