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Okay, I have plans on going back to get another loan from my loan officer since he has already told me that I have treated him right and he is willing to give me another loan with no problems. But I have a few questions

I remember the last time i got a loan he asked if the car was stock. Should I say yes or no when I go next time. The car has minor modifications but I don't want to say yes and he won't give me the amount I need because he will think that with the modification's on the car the car may not be as reliable or if I do say yes he may give me more money on the loan because the car is physically has more in the car than stock?

Any suggestions will be greatly appreciated.
 

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Are you refinancing your WRX so you can get a better loan rate than on your original loan?
You can refinance an auto loan? Didn't know that.

But Subby, are you sure the bank is asking for the loan part of things or is it for the insurance part?
 

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Okay, I have plans on going back to get another loan from my loan officer since he has already told me that I have treated him right and he is willing to give me another loan with no problems.
It makes no difference how you've treated him. All that matters to him is what your credit score is. He gets a commission for each loan he sells so of course he's willing to give you another one.

I remember the last time i got a loan he asked if the car was stock. Should I say yes or no when I go next time. The car has minor modifications but I don't want to say yes and he won't give me the amount I need because he will think that with the modification's on the car the car may not be as reliable or if I do say yes he may give me more money on the loan because the car is physically has more in the car than stock?
I don't know why he would ask this since it doesn't matter for the loan.

Any suggestions will be greatly appreciated.
Shop around for the best rate. Normally credit unions offer the best rate, so if you can get a membership in one then I highly recommend it. The dealership may also give you a better deal on the car if you finance through them since they get a commission on every loan they sell too. Look at it this way: When you get a loan from the dealership, it's actually through the car company's financing branch. They're going to earn a certain amount of interest on the loan. They will pay the dealership a portion of that interest as a commission for getting the loan. So, let's say the dealership gets $500. They may be willing to cut the price of the car by a couple hundred dollars more if you finance through them since they are getting an additional $500. Always leave the "how I'm paying for the car" part until the very last thing in your negotiations. ALWAYS negotiate a price for the car, then tell them how you're paying for it. You can then get additional money off if you finance through them.
 

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It's none of his business whether the car is stock or not. He only cares if the tiltle is clean...and of course, you're credit score.

In other words, if he asks, "yes the car is stock."
 

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Okay, I have plans on going back to get another loan from my loan officer since he has already told me that I have treated him right and he is willing to give me another loan with no problems.
As mentioned, go to a credit union. "Treated him right" isn't easy to interpret in any way that helps your interests.
 

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the loan officer is most likely trying to protect the banks investment. it is his business since the bank is buying the car. it belongs to the bank, they are the titleholder, not the person in possession of the car. the bank may consider a modded car to be a liability because if something fails that is not covered by insurance and you stop paying they have a worthless piece of collateral. if they find that the car is technically not street legal (we've all read the disclaimers on aftermarket exhaust systems) and therefore not insurable they will not grant the loan. you may want to call another loan company and ask them why they would want this information, that could eliminate most of this conjecture.
 
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