I dont think there would be much difference because sefcu isnt just gonna go on the people changing over the loan’s word and change the name in the loan without checking person B’s credit anyways. So really its kind of the same thing. For him to get an auto loan on the car tho might be tough because i know sefcu only gives an auto loan on stuff 98 or newer or something along those lines, so he could use the car as collateral for the personal loan, right?
Using a car for collateral for a personal loan = a car loan.
Assigning a loan is just as much word as getting a new loan, except you arent bound by the terms that the last guy signed for. You also can get a car loan (secured) with lower interest. Most institutions finance any car regardless of age. All the care about is the loan-to-value. I dont see the point in dealing with this guy’s loan or bank, there’s no advantage.
gotcha, fair enough, makes sense.
Auto loan through SEFCU is kind of screwy. 99-02 is X.xx% apr and 02-newer is another rate. Brand new is of course and even better rate.
I’ve always gone through SEFCU, there may be better out there, but they’ve worked for me to date. Just be smart about whatever loan you get and you’ll be fine! :thumbup
Shop around, especially if SEFCU changes the rate for how old the car is.
Word i have had a few loans through SEFCU. All paid off. Never had a problem. Come spring time i want to find a really good rate for my next purchase. Maybe not SEFCU
car is a 94…
+1
what the hell r u buying?
a miata
oh godddd