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Discussion Starter #1
Hi, CS on order , will finance, dealer offered Porsche Credit at 3%, think there are better deals to be had. Here is the question: If I look now, and want the money in 4 1/2 months, will the banks even speak with me, or hold the rate lock for this long?
Thank you
 

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You can always shop around to determine what interest rate you qualify for and to see who will offer you the best deal. I don't expect that anyone would lock in the interest rate for more than 45 days.
 

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I was able to get an unsecured loan at 1.99 with 4 months to delivery, so took it. The money's sitting in my account, but I didn't want to risk what you are currently facing. When the car is delivered, I just hand over a check and the car is mine, lien-free. You can do better than the dealer, but sometimes taking the dealer's loan can get you a better price on the car or options. I'd still rather avoid a lien on the car.
 

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In my experience, my bank's loan offer is good for 45 days. Within that time frame the bank needs a VIN in order to process the loan. They then provide an additional 30 days to complete the transaction. VIN is required to determine the value of the vehicle (which determines how much money they will loan you for it).

To further my situation for your benefit, I went ahead and was approved for the loan before I even went car shopping in early October. I ordered a CGTS with delivery for early January 2015. My order lock date was Oct 24 and it seems to take 3-4 weeks from lock to build complete. My loan offer expires next week. Maybe, just maybe, I will get the VIN before the offer expires.

If the offer expires, I have to reapply for the loan. All this means is that the bank will run another credit check (not necessarily an issue) and I get approved a second time. Hopefully rates won't have shifted higher.

I recommend that in our current economic climate, you secure financing as soon as possible. I was two weeks too early.

As usual, YMMV.

Peace
 

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Discussion Starter #7
Hi Thanks, As soon as I know more on the date, I will call for rates
and find the typical rate lock terms and see if I should take out a loan or just wait,
tx, Dave
 
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