Auto Loan Approved but APR not mentioned?

Question

The Credit Union has approved my auto loan and the agent has sent me the Loan Approval Letter via email. However, it doesn't say anything about the APR rate on the approval letter. When I asked the agent, he said they don't mention the amount on paper however, when I'll sign the documents then it will clearly say the APR rate.

I am worried if he changes the APR rate once I purchase the vehicle, then I would be stuck.

Has anyone experienced same thing?

Please let me know

Answer 1

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RE :Auto Loan Approved but APR not mentioned?

The Credit Union has approved my auto loan and the agent has sent me the Loan Approval Letter via email. However, it doesn't say anything about the APR rate on the approval letter. When I asked the agent, he said they don't mention the amount on paper however, when I'll sign the documents then it will clearly say the APR rate.



I am worried if he changes the APR rate once I purchase the vehicle, then I would be stuck.



Has anyone experienced same thing?



Please let me know

Update: I appreciate everyone's answers. Thansk guys. I understand that I won't be signing document (Loan) related until I see the precise APR rate on the document. My concern is that, I'll be signing the car related paper work at the dealership first and then only I'll be able to send the purchase order form to my Credit Union agent on the basis of which he will be sending me the Loan Documents to sign. So, at that point if he says that My APR rate has changes then I can't do anything, right? I'll have to stick with whatever he agrees at that very moment. Please let me know what would be best approach in this case.

Thanks again !!

Update 2: The agent doesn't looks like third party agent because his email address is from usccreditunion.org.



I received a mail from the bank as well stating my credit score. I believe they have sent me because they ran credit check.



The only thing he mentioned in the email is that if my loan get approved , then following conditions will apply as far as APR is concerned which are mentioned on the website:



Auto Loan APR as Low as

36 Months

Apply



1.74%

48 Months

Apply



1.74%

60 Months

Apply



1.74%

72 Months

Apply



1.99%



Source: https://www.usccreditunion.org/usccu/en/loans.php

Follow 11 answers

Answer 2

Sorry, but I find it very strange that the "agent" won't give you the the interest rate. Every pre-approval letter I've ever received gave amount and interest rates. Are you sure you are dealing directly with the credit union and not some third party?

Answer 3

Your credit union is the one to contact for the APR. If the credit union approved the loan it means they have agreed to lend you the money not the auto dealer. Credit unions are normally lower that commercial loan companies so you may be pleasantly surprised.

Answer 4

You cannot purchase the vehicle until you sign loan papers first. So, no need to worry about anything. You'll see the APR before purchase.

Answer 5

For financial and credit subject I was search for solutions at this site: HTTP://HELP.CREDIT-SOLUTIONS.INFO



RE Auto Loan Approved but APR not mentioned?



The Credit Union has approved my auto loan and the agent has sent me the Loan Approval Letter via email. However, it doesn't say anything about the APR rate on the approval letter. When I asked the agent, he said they don't mention the amount on paper however, when I'll sign the documents then it will clearly say the APR rate.



I am worried if he changes the APR rate once I purchase the vehicle, then I would be stuck.



Has anyone experienced same thing?



Please let me know

Answer 6

I am sure you will find this site very useful: WWW.IMMEDIATELOAN.NET



RE:Auto Loan Approved but APR not mentioned?

Answer 7

Compare rates free

Answer 8

tell them to stuff the paper up their ><.



never ever sign a blank loan(check) application

Answer 9

Wrong answer chum. You have not signed anything yet , and I sure would not sign until you know for sure , what your going to be paying back.

Answer 10

I would never sign anything that did not have all the conditions spelled out, do not do it

Answer 11

tell them you want the APR commitment in writing or take your business elsewhere.

Answer 12

You want everything in writing. End of story