# Looking at buying a used car - Question **URL:** \ **Category:** NYSpeed Automotive\ **Created:** [June 7, 2013, 8:10pm UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071 "2013-06-07T20:10:00Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![2TurboZ](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/2turboz/32/7577_2.png) [@2TurboZ](https://forums.speedlife.net/u/2TurboZ)\ **Post date:** [June 7, 2013, 8:10pm UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/1 "2013-06-07T20:10:00Z")
Found a car I want to buy out of state. Came to a deal with the guy and it looks like things are going smooth. I can easily get a bank loan for the car in accordance with KBB values and all of that. However, the guy can only deal in cash due to a divoce. True or not I dont know and I dont care. Car checks out clean Carfax and all that jazz. Is there any way to get an auto loan and still pay cash for the car? I could always get a personal loan but the interest rate would vary slightly. I could probably pay out of pocket cash, but I dont want to be that far extended with some house projects going on. Does anyone have any experience with this sort of thing? Save your thoughts or opinions please. I need real help trying to wrap this up at the bank on Monday to go get the car next weekend. Thanks ---
**Author:** ![deebo](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/deebo/32/5218_2.png) [@deebo](https://forums.speedlife.net/u/deebo)\ **Post date:** [June 7, 2013, 8:16pm UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/2 "2013-06-07T20:16:14Z")
yes. it’s called the bank gives you a check and you cash the check and give the guy cash? ---
**Author:** ![2TurboZ](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/2turboz/32/7577_2.png) [@2TurboZ](https://forums.speedlife.net/u/2TurboZ)\ **Post date:** [June 7, 2013, 8:23pm UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/3 "2013-06-07T20:23:02Z")
I havent done it in a long time but I thought the bank gives you a certified check made out to the titled owner of the car you are buying and not one that you can just walk up to the teller and get bills for? ---
**Author:** ![Deathproof](https://avatars.discourse-cdn.com/v4/letter/d/dec6dc/32.png) [@Deathproof](https://forums.speedlife.net/u/Deathproof)\ **Post date:** [June 7, 2013, 8:53pm UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/4 "2013-06-07T20:53:02Z")
Usually you need a personal loan to pay cash. For auto loans they make the check out to the title holder of the car, they go on the title as a lien holder, and the car is their collateral. ---
**Author:** ![2TurboZ](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/2turboz/32/7577_2.png) [@2TurboZ](https://forums.speedlife.net/u/2TurboZ)\ **Post date:** [June 7, 2013, 8:55pm UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/5 "2013-06-07T20:55:52Z")
> [@Deathproof](#): > > Usually you need a personal loan to pay cash. For auto loans they make the check out to the title holder of the car, they go on the title as a lien holder, and the car is their collateral. Thats what I thought…time to get creative ---
**Author:** ![buffalo\_vr4](https://avatars.discourse-cdn.com/v4/letter/b/7ea924/32.png) [@buffalo\_vr4](https://forums.speedlife.net/u/buffalo_vr4)\ **Post date:** [June 7, 2013, 9:04pm UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/6 "2013-06-07T21:04:35Z")
if you have high limit credit from your CC, check if there is any 0% balance transfer offers available. they would just cut you a check in 3-4 days and it’s way cheaper than any loans out there ---
**Author:** ![Beck](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/beck/32/28683_2.png) [@Beck](https://forums.speedlife.net/u/Beck)\ **Post date:** [June 8, 2013, 6:03am UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/7 "2013-06-08T06:03:35Z")
Pay cash, take out home improvement loan for “projects” and pay less interest than you would on “personal” loan. ---
**Author:** ![deebo](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/deebo/32/5218_2.png) [@deebo](https://forums.speedlife.net/u/deebo)\ **Post date:** [June 8, 2013, 9:36am UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/8 "2013-06-08T09:36:59Z")
Or get a personal loan, get the car and take an auto loan against it once you get the title. Are you going thru a credit union? Just explAin the situation What are the interest rates you’re getting ? Are you going to have to carry full coverage ? When I bought my S2k I couldn’t get a loan so I just bought my car cash and took out a personal loan against it to get my money back. I dont have to carry full coverage on the vehicle. Its a difference of about 800/year. the difference in interest rates evens out with insurance. ---
**Author:** ![honda4life](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/honda4life/32/5300_2.png) [@honda4life](https://forums.speedlife.net/u/honda4life)\ **Post date:** [June 8, 2013, 10:10am UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/9 "2013-06-08T10:10:05Z")
Go to Merida credit union on rt20 in hamburg, ask for a personal loan and there you go. ---
**Author:** ![travisn](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/travisn/32/5046_2.png) [@travisn](https://forums.speedlife.net/u/travisn)\ **Post date:** [June 8, 2013, 10:30am UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/10 "2013-06-08T10:30:12Z")
> [@deebo](#): > > Or get a personal loan, get the car and take an auto loan against it once you get the title. Are you going thru a credit union? Just explAin the situation If the title is in your name you can’t get a loan for it. I’ve tried before. ---
**Author:** ![somedude](https://avatars.discourse-cdn.com/v4/letter/s/ecd19e/32.png) [@somedude](https://forums.speedlife.net/u/somedude)\ **Post date:** [June 8, 2013, 12:28pm UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/11 "2013-06-08T12:28:10Z")
> [@2TurboZ"](#): > > Found a car I want to buy out of state. Came to a deal with the guy and it looks like things are going smooth. > > I can easily get a bank loan for the car in accordance with KBB values and all of that. > > However, the guy can only deal in cash due to a divoce. True or not I dont know and I dont care. > > Car checks out clean Carfax and all that jazz. > > Is there any way to get an auto loan and still pay cash for the car? I could always get a personal loan but the interest rate would vary slightly. > > I could probably pay out of pocket cash, but I dont want to be that far extended with some house projects going on. > > Does anyone have any experience with this sort of thing? Save your thoughts or opinions please. I need real help trying to wrap this up at the bank on Monday to go get the car next weekend. > > Thanks call justin he does auto loans through cornerstone and gets killer rates i am pretty sure he can give you cash once the loan is approved. 7164005511 ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [June 8, 2013, 1:21pm UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/12 "2013-06-08T13:21:48Z")
Are you a PenFed Member? If so, do a Refinance loan from them for 1.74% for a 2012-13 or 1.99 for older. > **[Auto Loan Refinancing from PenFed - Find, Compare, and Apply Today](https://www.penfed.org/auto/refinance/)** > > Want to lower your car or truck payment? Refinancing your auto loan with PenFed may be able to help. Take a look at our competitive rates today./ Home improvement loan is also a good bet. ---
**Author:** ![02NismoSpecV](https://avatars.discourse-cdn.com/v4/letter/0/74df32/32.png) [@02NismoSpecV](https://forums.speedlife.net/u/02NismoSpecV)\ **Post date:** [June 8, 2013, 1:24pm UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/13 "2013-06-08T13:24:19Z")
> [@Beck](#): > > Pay cash, take out home improvement loan for “projects” and pay less interest than you would on “personal” loan. my dad says do this…and take some extra out for the backyard too guy! ---
**Author:** ![2TurboZ](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/2turboz/32/7577_2.png) [@2TurboZ](https://forums.speedlife.net/u/2TurboZ)\ **Post date:** [June 8, 2013, 1:38pm UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/14 "2013-06-08T13:38:50Z")
Im not taking out any $ against my mortgage unless it is a 100% last effort and even then it would probably be to forget the car for now. I went to the bank this morning and applied for a line of credit like an overdraft up to 15k. They instant approved but could not give me the $ amount because it wont go through the system until Monday. I am not a member of PenFed or any credit union. My other ultimate option is to tell the guy to meet me at the bank with the car and the title and too bad for you wanting cash, you can cash a bank cert. check on the spot. ---
**Author:** ![Beck](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/beck/32/28683_2.png) [@Beck](https://forums.speedlife.net/u/Beck)\ **Post date:** [June 8, 2013, 1:42pm UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/15 "2013-06-08T13:42:13Z")
A home improvement loan isn’t against your mortgage. Nevermind, do what you want. You clearly know what you’re doing. ---------- Post added at 04:42 PM ---------- Previous post was at 04:41 PM ---------- > [@02NismoSpecV](#): > > my dad says do this…and take some extra out for the backyard too guy! Your dad is a smart man. ---
**Author:** ![2TurboZ](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/2turboz/32/7577_2.png) [@2TurboZ](https://forums.speedlife.net/u/2TurboZ)\ **Post date:** [June 8, 2013, 1:44pm UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/16 "2013-06-08T13:44:54Z")
> [@Beck](#): > > A home improvement loan isn’t against your mortgage. > > Nevermind, do what you want. You clearly know what you’re doing. > > ---------- Post added at 04:42 PM ---------- Previous post was at 04:41 PM ---------- > > Your dad is a smart man. Then I am admittedly confused. How is a home improvement loan different than a Personal loan? If you have zero collateral attached to the loan, like an auto or mortgage, I am not following how that would work. The other issue is timing, a personal loan takes a few weeks according to my bank… ---
**Author:** ![deebo](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/deebo/32/5218_2.png) [@deebo](https://forums.speedlife.net/u/deebo)\ **Post date:** [June 8, 2013, 2:44pm UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/17 "2013-06-08T14:44:47Z")
when i bought my car, i wasn’t even a member of my credit union. i gave them $5 to open a savings account, gave them my paystub and walked out with a check for $xxxx 15 minutes later Lol. lol @ a few weeks. find a different bank then. you can also take a secured savings loan ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [June 8, 2013, 2:56pm UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/18 "2013-06-08T14:56:08Z")
penfed will make it out 100% to you as long as the seller sends them a letter of intent. I just did it this week (15k loan split 10k to me only, 5k to me + buyer), using the cash for something else. penfed only really cares that the car has the value so they can repo if needed. 1.99% is awesome. ---
**Author:** ![2TurboZ](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/2turboz/32/7577_2.png) [@2TurboZ](https://forums.speedlife.net/u/2TurboZ)\ **Post date:** [June 8, 2013, 3:51pm UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/19 "2013-06-08T15:51:22Z")
> [@theblue](#): > > penfed will make it out 100% to you as long as the seller sends them a letter of intent. I just did it this week (15k loan split 10k to me only, 5k to me + buyer), using the cash for something else. penfed only really cares that the car has the value so they can repo if needed. 1.99% is awesome. How quick did the $ hit your account from time of application/approval? Also how did you join? I am not really linked to any of their things…just pay the one time fee to join a group? ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [June 8, 2013, 4:38pm UTC](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071/20 "2013-06-08T16:38:21Z")
I joined the national military family association for $10 or whatever it was, and gave them $5 to open a savings account for me. They also have the best credit card ever for gas…5% cash back, in cash, automatically taken off of your statement every month. Basically 20 cents off a gallon every time you fill up. [Next page](https://forums.speedlife.net/t/looking-at-buying-a-used-car-question/231071.md?page=2)