How is this different from what the Credit Unions have been doing for years?  Thus, apply for a car loan online or in a branch without actually picking a car, once approved for an amount they send you a blank check.  You go to a dealership and once you decide on a car, you just write them a check and drive off. Penfed CU, DCU, NASA CU etc. all do this and it actually gives the buyer an upper hand to negotiate and get a better deal on a car.  The rates these companies offer are also more often better than the rates the dealership offers.