Can I see the loan terms in writing before going into a dealership?

Question

I recently found a vehicle that I plan on purchasing. I’ve done my due diligence on the vehicle and definitely want to purchase it.

The dealer is about an hour away and I prefer to have financing completely taken care so I can come in, place the down payment, and drive take the vehicle home.
 
I submitted a credit application through the dealers website and a rep reached out to me. He asked for additional information and I went ahead an provided my proof of income. He called me back and told me I was approved. He provided me with the interest rate, the loan term, and the monthly payment.

I want to ensure that financing is completely taken care of to avoid any future issues. How should I go about doing so? Can I ask for documentation supporting the loan?

Anonymous · Answer

"He called me back and told me I was approved. "

Sure he did. To get you in the door. A verbal "approval" means NOTHING. I very much doubt you can be approved based on the information given in your last question. If you have been approved it's probably for terms that a sane person wouldn't touch with a ten foot pole. I also very much doubt it is for the car you want. I smell the classic "bait and switch". I also smell a scheister "buy here, pay here" used car lot behind all of this.

Anonymous · Answer

I'm very surprised you got approved being a student and only working part time.

Anonymous · Answer

When you get there, they will hard sell you on extended warranty and other things. They will not document anything. They may even tell you the price of the car was wrong.  Do not expect a quick in & out.  Smart buyers with good credit arrange financing at banks or credit unions. Subprime....well... you will see.

Can I see the loan terms in writing before going into a dealership?

3 Answers