Posted on May 11, 2018
SFC James J. Palmer IV aka "JP4"
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Just kind of wondering how the process works with obtaining a pre-approval if you have a down payment to go with it. My understanding is, a draft check and paperwork goes out to you within 48hrs or you can pick it up at your local branch. So if you have a down payment in addition to that, how would you incorporate that into the process of making an auto purchase? I hope the question makes sense. It makes sense in my head.

JP
Edited >1 y ago
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CWO3 Us Marine
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Got me on this one. My son used Navy Fed and said it was almost effortless. One phone call and it was on autopilot from there.
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SFC James J. Palmer IV aka "JP4"
SFC James J. Palmer IV aka "JP4"
>1 y
That is pretty much what I have noticed by doing research online.
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SGT Dave Tracy
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Edited >1 y ago
I didn't need preapproval for buying two of my cars; however, they were used, and not new. Not sure if that helps or is applicable for your situation.

EDIT: I misspoke (miss-wrote?). Allow me to amend my statement, I got pre-approval based on stated information, not verified, and with no down payment. It was verbal preapproval, which was surprisingly sufficient for the dealers I worked with, so by the time I got the paperwork, I had lined up my purchase. Hence it went very quickly. I don't believe an out-of-pocket down payment will help speed things along, but it may help in terms of approval. Having not been in a position to need a down payment, I can't say for certain.
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SFC James J. Palmer IV aka "JP4"
SFC James J. Palmer IV aka "JP4"
>1 y
I am really not sure if it is applicable since I don't know much about this process. I know pre-approval is good because it gives you an idea of what you can get.
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SGT Robert Johnson
SGT Robert Johnson
>1 y
SFC James J. Palmer IV aka "JP4" - Get your preapproval. A down payment estimate really isn't going to make a difference for the preapproval. It will lower the payments once you find the car you want. If a preapproval is denied, a bank will give you a reason. If a down payment is needed for approval, the bank will let you know. I went with USAA. They did not send me a check. I was preapproved. Once I signed the documents, the dealership faxed over the paperwork and USAA finalized the loan. You may also want to check and see if Navy Federal works with dealerships in a partnership. Makes the process much smother. USAA does this and I felt like I had an advocate in my corner to get the best deal. Good luck! Also check with your car insurance company to see rougly how much your premium is going to be. A Bugatti is expensive!
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SFC James J. Palmer IV aka "JP4"
SFC James J. Palmer IV aka "JP4"
>1 y
SGT Robert Johnson

You have a Bugatti?!?!?!
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SGT Robert Johnson
SGT Robert Johnson
>1 y
SFC James J. Palmer IV aka "JP4" - No. I do not. Just don't be dumb and buy the fancy car and then realize that your insurance payment is more than the car payment.
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