Best place to get an Auto Loan?

NYSpeed Automotive NYSpeed Off Topic
1

So i’m buying a car and I got real held up at the loan part. Everyone approves me, but it seems every time I tell them I want to buy a car in Mass. it’s an issue. My bank won’t give me a loan because they won’t do non-franchised used car dealers, and my credit union won’t give me a loan because they don’t deal out of state.

So, I see all these online loans and I fill one out for “up2drive” and explain the situation to them, they send me all this loan shit and approve me. They send me shit for a private party!!! So I have a down payment on a car, everythings all set to go, but I need a loan now.

Anyone?

2

Aren’t you registering the car in NY?? What’s the problem then?

Dealer you are buying the car from?

3

I’m buying the car from an indie dealer in mass. (which is why my bank wouldnt work with me)

I’m registering the car in CT, but that has nothing to do with it…it’s more like my credit union doesn’t like to deal out of state. Annoying but when I used them to buy the Audi it was located in Rochester.

4

my Credit uniton had no problem with where i bought the car… perhaps get a better CU…

or go to capitalone.com

5

e-loan?

I got a great rate, but that was like 3 years ago.

BTW… stop applying for loans everywhere if you are - too many inquiries = bad

6

can you get the loan if it’s not through the dealer? (private loan?) I did this on a few occasions and worked out fine

7

i guess according to my research the only “big” bank is chase that still approves indie dealers, so we’ll see how that goes

i’m open to applying anywhere, as long as they will work with an independent dealer. i’m on books as living in NY and buying the car in Mass.

8

well chase approved me, at a ridiculous 11.19 APR. not having that…esp. since everyone else was giving me great rates.

i’ve only applied to like 3 places, 4 now…i would like to not apply anymore but this shit is a pain in the ass!

9

take Howie’s advice too… too many inquiries will hurt your credit afaik

10

i know, i dont particularly enjoy this. do you think it would be a bad look to get a personal loan to get around the used car dealer restriction? i’m guessing i’d get a terrible APR?

eloan.com doesn’t work with independent dealers.

11

worth a shot… see what they’ll do for ya. I think the last personal loan I got for a car had an 7.5% apr… that was also about 6 or 7 years ago though. bought the car from a private party so couldn’t really do the whole car loan thing as easily

12

Do you have a local bank that is not a big branch?

My small town bank never once questioned my motives or where I was purchasing said vehicle. They cut the check to me, cashed it for me right there and on my way with cash if I chose to.

13

what about wachovia? I have had them a few times and they have been great

14

Western Division FCU - best auto loan people I’ve ever dealt with.

15

i have been using Bank of America for my business and personal accts for years…

Looking into Wachovia, going to give them a call in a bit to confirm they’ll work with my situation. They look a little more lax.

Western Division looks great too, going to call them too.

16

Is this going to be a company car for DStar Entertainment?:slight_smile:

17

I wish I could put this shit as a write-off…lol

18

My CU never questioned anything about a used car; they don’t care how you get it; they just want to know what it is (with a VIN).

The only issue I could see is doing the title in another state; as most banks don’t go across state lines except the large ones.

19

Yeah that’s exactly the issue they gave me, said the title would be the issue…sucks

20

Multiple inquiries of the same type over a short period are counted as 1 credit inquiry.

This was a change a while back to allow people not to fear shopping for the best rate…