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oh man, that's a big jump from what I was approved at 2.85% for 96 months but it's now expired. Might adjust my term for lower rates
If only my stupid order moved quicker...
Not sure if it was already mentioned in this thread, but does anyone know if the loan rate is locked in for a certain number of days? (ie: like a mortgage approval).
I got my loan approval on November 1st with November rates, and my delivery date is on December 17th. There's nothing in my order portal that says that the rate expired, so I'm wondering, would I still eligible for the rate that was provided to me when I got approved?
Thanks in advance!
I got my loan approval on November 1st with November rates, and my delivery date is on December 17th. There's nothing in my order portal that says that the rate expired, so I'm wondering, would I still eligible for the rate that was provided to me when I got approved?
Thanks in advance!
heavyD
Member
It's hard to keep up with all the price increases and interest changes for these vehicles. Sucks that the rates are all over 3% now. If I get around to ordering one next year I shudder to think what the car will cost and if Tesla financing is viable.
So guys,
Reiterating my situation hoping for someone in a similar situation or has been through a similar situation can comment/provide input:
Ordered Nov 26 2021 - EDD of June 2022
Selected the Finance option (my mistake i know, i shouldve chosen the Cash option now and THEN selected finance closer to Delivery/VIN date)
Got Finance approval - Scotia, 3.1 percent.
Should I "accept " this loan rate now - even though this is only valid for 90 days and I wont be getting the car anytime within 90days?
Ive noticed my Credit Score hasnt taken a hit yet?
I do see the inquiry on my profile but the score number is still the same.
Reiterating my situation hoping for someone in a similar situation or has been through a similar situation can comment/provide input:
Ordered Nov 26 2021 - EDD of June 2022
Selected the Finance option (my mistake i know, i shouldve chosen the Cash option now and THEN selected finance closer to Delivery/VIN date)
Got Finance approval - Scotia, 3.1 percent.
Should I "accept " this loan rate now - even though this is only valid for 90 days and I wont be getting the car anytime within 90days?
Ive noticed my Credit Score hasnt taken a hit yet?
I do see the inquiry on my profile but the score number is still the same.
heavyD
Member
Every application for financing does a "hard credit check" which lowers your score.
heavyD
Member
Really? I could understand your score lowering if you were applying for loans left and right but a single application here or there lowering your score seems harsh.
Any application for credit - car loan, regular loan, mortgage, new credit card, heck even getting a post paid contract thru Rogers, bell or any cell carrier etc - is a hard check on your credit profile...
The "hit" drops your score about 15 to 25 points - how much it really drops on a myriad of factors which I don't have in depth knowledge of.
Hence why I said my score shows up as the same even though I see "SCOTIA AUTO LOANS" made a "hard" inquiry on my profile...
Anyone in a situation like this?
What happens if I decline the loan now? And reapply closer to June 2022?
Not my experience. I got approved for financing Nov 2nd. Then it asked me to update on Nov 21 and again just now Dec 9. Didn’t let me hold the rate for 30 days and it keeps going up and down and up
I was supposed to pick up the car on Nov 17 but whole thing didn’t work out
heavyD
Member
Are you moving on to something else now? I see your car faild inspection. Was it damaged in freight?
Picking the 2nd car they got me at 4pm today. Posted rate is 3.1% still, hope it sticks
heavyD
Member
You can not lock the current interest rate. Rates are only valid for 30 days. They will update the rate close to delivery.
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