Since the profit margin on the financing is often better than it is on the car itself, they're more than happy to handle the paperwork. But now, credit union members can get loan approval 24 hours a day, and even have an auto broker do the shopping for them. All they have to do is sign the papers and pick up the car. Hundreds of credit unions across the country have signed on with AnyTime Access, a California-based credit decision call center. You'll then know how much car you can afford and, depending on your credit, get preapproval on the phone, usually within 10 minutes.
More complex cases take about an hour.
Now you're set to walk on to a car lot with your financing preapproved. They can go into the dealership with money in hand at a rate they know is attractive. When you say you have the financing, hopefully, the dealer won't try to convince you their 2.9 percent financing is better. It's almost always better to take the rebate and finance with the credit union. There is a clear advantage for the credit union, too.