to get a car at an independent dealer? Everything I find either has to be for a certified dealer, or an individual.

12/2/2008 9:09:56 AM

Where are you getting these definitions from?

As far as I know, dealer is a dealer when it comes to getting your own financing. If they will lend you money to buy from a private party then why wouldnt they lend you money to buy from a business with a dealer's license? Unless that certian dealer has caused problems for the lender in the past, in which case the trouble would be limited to that specific dealer.

[Edited on December 2, 2008 at 9:29 AM. Reason : please explain]

12/2/2008 9:29:27 AM

your bank? i got mine through ncsecu

12/2/2008 9:52:03 AM

ok, i'll be more specific,

I am looking at a car at anchorautonc.com. (Don't tell me to buy there, or not to buy there, that's not the purpose here.) Does getting a used car loan work for this place? Say I get a loan for used pre-approved with BOA or capital one blank check, can I just go to this place and they can accept it? I feel as if I am over complicating things in my head, but I want to make sure I go into negotiations prepared.

12/2/2008 10:16:46 AM

bank approves you for loan
bank inspects vehicle
bank gives you check in amount of vehicle
you take check to dealer
...
profit (and then begin making monthly payments afterward)


P.S. get approved for the full amount, then negotiations will be fine.

[Edited on December 2, 2008 at 10:34 AM. Reason : =]

12/2/2008 10:34:05 AM

it's stuff like this that I run into...

http://www.bankofamerica.com/vehicle_and_personal_loans/cf/glossary_help.cfm?returnpage=auto_loans&context=tabpage_Rates&keyword=Used+car+dealer

I have good credit and I want a car. This shouldn't be so hard.

^ also, how does bank inspect vehicle? I take it, just a VIN #. Today's tuesday. I want to go to this place saturday with a few cars in mind. I want to be able to buy the car on the spot if the car works out to be ok. Do i need to give the bank 3 or 4 different VIN #'s? I'm not an idiot, I'm just trying to prepare and I don't have that much time outside of work to get these kind of things done.

12/2/2008 11:22:13 AM

It completely depends on the lender, however in most cases they will specify if they will only lend money on a car at a franchise dealer. Just ask before you apply at any given lender and you will be fine.

12/2/2008 11:30:49 AM

^^Just about all banks require a visual inspection of the car, and my bet is that most will conduct a title research and/or CarFax as well.

The only way around this is if you apply for financing through the dealership with one of their approved lenders. Most bigger independent dealers offer financing through a third party, but their rates may not be nearly as favorable as going through your own financial institution (especially if you bank with a credit union).

So really, if your main concern is acting in a short amount of time, it's really going to be somewhat of a pain in the ass to get financing through your bank. You really should call and talk to a loan officer to get ALL the details; we're not bankers here.

12/2/2008 11:39:11 AM

just go with who has the best rates.

http://www.bankrate.com

12/2/2008 11:55:12 AM

^^yup.

12/2/2008 12:00:50 PM

^^^ I've been both the banker and the dealer, rarely will anyone have an issue with it being at an independent. Who do you bank with?

12/2/2008 12:45:28 PM

I bank with BOA, but at the moment, suntrust i like. As far as I can tell, I get approved within 24 hours and somebody calls me. Then I get a check and can negotiate from there. They will go with any car newer than an 03 and can have any miles on it.

Whatever

[Edited on December 2, 2008 at 2:17 PM. Reason : ]

12/2/2008 2:17:25 PM

sounds like you have it figured out, however i would at least check in to see what the dealer can offer, sometimes there are discounted rates that can get you a better deal.

12/2/2008 2:28:31 PM

HAHA

SECU gave me a loan for a 95 dodge with 189k miles

it was also only $5350

12/2/2008 2:32:09 PM

geez

12/2/2008 3:37:51 PM

Back in 03 SECU gave me a $4200 loan for a 93 240sx with 122k miles.

then let me refinance it 2 years later, LOL.

[Edited on December 2, 2008 at 4:22 PM. Reason : .]

12/2/2008 4:22:00 PM

Alright, here is an interesting scenario.

Me and my wife are looking for a car for her. My credit score is higher than hers, significantly, due to lack of credit history, not poor credit. If I were to finance the car, can her name also be on the title of the car. (I wouldn't see why not). If this route is done and heaven forbid we get a divorce, How would all this junk work? I mean, I do not see this being a problem at all, but it's one of those things you have to look at.

thoughts?

12/3/2008 11:43:57 AM

Generally speaking most banks do not allow a party to be on the title for the car but not also be attached to the lien. I know BB&T was one of the last people to do this.

12/3/2008 12:51:00 PM

pay CASH. I don't think I will ever take out a loan for a car period.

12/3/2008 12:55:05 PM

Seems liek he shoudl co-sign with her, that way it will boost her credit, rather than him just financing it in his name

12/3/2008 1:01:39 PM

If you're both on the loan, then you cut the car in half.


seriously though its probably whoever the is primary signer who gets the car, rather than the co-signer

[Edited on December 3, 2008 at 1:05 PM. Reason : ps thats the kind of shit to think about BEFORE getting married.]

12/3/2008 1:04:31 PM

I got a loan at a health care credit union for my first car. The interest rate was reallllly low.

12/3/2008 1:26:51 PM

1. you co-signing does not boost her credit. in fact, some lenders take the lower credit score of the two people on the loan, so having her on it may actually hurt you.

2. if you get divorced and both of your names are on the lien and you're wanting to remove her, you will have to pay off the lien to remove her from it, she will have to sign over the title to you, and you'll get a new title issued with a new loan and only your name on it.

bottom line: pain in the butt, don't do it. get it in your name, so god forbid things go south, you're the only one you have to worry about.

12/3/2008 1:40:57 PM

Quote :

"1. you co-signing does not boost her credit. in fact, some lenders take the lower credit score of the two people on the loan, so having her on it may actually hurt you."

I'm not saying him co-signing would automatically help her credit, but it will allow her to help her own credit as she makes payments. If he keeps doing everything for her that requires credit (since she has none) ,she will continue to have none.

12/3/2008 1:45:37 PM

^ thats the correct idea

^^ so you are saying that divorce is so likely that you shouldn't apply for joint credit with your spouse?

12/3/2008 2:01:02 PM

Quote :

"ps thats the kind of shit to think about BEFORE getting married."

yes, because I always think about how credit history influences my decision on marriage.

As ^^^ pointed out, Loans are hard to find due to her credit score. I realize that she would not build credit through a car loan, but there are other ways to build credit. After a period of time, this could be where she has better credit and maybe we could refinance?

12/3/2008 2:13:19 PM

dude have you not seen the freecreditreport.com commercial

http://www.youtube.com/watch?v=FspHU8hOxhY

12/3/2008 2:35:58 PM

If you have good credit and she is just limited there should be no issue of getting a loan. Her credit would improve tremendously if she went on the loan with you, even if it cost you 1-2%.

12/3/2008 2:57:58 PM

incorrect. adding a person as a co-borrower affects their credit, but does not improve it tremendously.

12/3/2008 4:10:00 PM

There are no differences in effect of credit when it comes to who goes first and who goes second on a car loan. Both are equally responsible, both would get the same benefit.

12/3/2008 4:24:48 PM

^ as of when?

Because in March when I bought my new Toyota, I couldnt be the primary, even if my wife co-signed. However it was fine if it went in her name and I co-signed.

12/3/2008 4:40:08 PM

It really depends on the lender. Everyone has different policies.

12/3/2008 4:43:58 PM

co-signing is different than both accepting the loan

12/3/2008 4:59:44 PM

just pay cash

12/3/2008 5:18:02 PM

paying cash isn't always feasible

I used to be one of those that said i would never make payments on anything

Then reality set in, and i got a small loan, much less than what i technically could have gotten, and i don't mind the payments too much.

12/3/2008 5:20:24 PM

How you appear on the loan and how the loan is applied to your credit are two totally different things. Some lenders prefer that the person with the better score goes on top, some prefer the person with the actual better credit goes on top(theres a difference between score and how good the credit actually is), and to some it doesn't matter. Once a lien is perfected however, you both benefit equally, or for that matter both reap the negative effects of poor payment history. There are rare occasions that some sub-prime lenders may want to see individual auto credit to qualify an applicant.

12/3/2008 6:17:35 PM