I am approved for an auto loan for UP TO $25,700. 25,000 was what I originally applied for, but it turns out I do not need the full amount. My application is pending still, because I have not chosen my preferred installment period (72 r 84 months).
My question is, can I proceed to pick the 72 month payment plan and officially get the loan but use only a fraction of that $25,700 loan? I only need about $10,000. Can I then pick my vehicle, use the 10K I need and will USAA then only cut a check for that to send to the dealer? Will I have to worry about the remaining $15,700?
Hello and thank you for your inquiry concerning the final terms for your pre-approved auto loan. I can confirm that you do not have to use the entire amount you were approved for. In order for you to select the 72 month term there is a minimum financed amount required. To confirm and finalize the terms for your loan, please contact our consumer lending department at 210-531-USAA (8722), our mobile shortcut #8722 or 800-531-8722. Our business hours are Monday through Friday 6:30am-10:00pm CT and Saturday 8:00am - 6:00pm CT. Thank you and we look forward to speaking with you! - Darrell
I can finish finalizing on my own, correct? I won't be able to contact USAA until Monday morning, and I am going to go purchase the car Monday Morning 9AM EST. I just want to make sure I have everything ready for when I go in to finalize my purchase.
Also, does the loan matter if it was for a New or Used car, or does it apply to both? I got the loan intending to buy a new car, but decided to cut back and get a slightly used car of a different model.
Also, how much "minimum finance amount" is required to harness the 72 month auto loan? Like a 20% downpayment, is that what that term means?
Hello. You can finalize your terms on your own online. However I would recommend that you wait until you speak with us on Monday. It can matter if the purchase is for a new or used vehicle based on the annual percentage rate, loan to value ratio we determine, and what term is available. As I shared previously, you will need to confirm with our consumer lending department the minimum finance amount to obtain the 72 month term. Our business hours on Monday are 6:30am-10:00pm CT. Thanks and we look forward to speaking with you! - Darrell