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      05-30-2012, 04:06 AM   #1
fongpi
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Obtaining a car loan for forum purchase

Howdy y'all,

There is a car on the forum I want buy, what's the best way to get a loan? I've always gone through the dealership so this would be a first. Any credit unions that are recommended?
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      05-30-2012, 06:20 AM   #2
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Penfed has cheap rates.
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      05-30-2012, 07:07 AM   #3
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+1 Penfed has great rates along with Navy fed.
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      05-30-2012, 08:40 AM   #4
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Navy Federal and USAA offering great rates.
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      05-30-2012, 08:57 AM   #5
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Why is everyone giving him Penfed, Navy Fed and USAA info? What if he's not connected to military or dept. of defense? he's asking how to do it, not where it's the cheapest.

Go to bank or credit union where you want to take out the loan, tell them it's a private sale, they'll tell you what they need from you and seller to cut you a check. It's a bit painful, but beats getting reamed by a dealer
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      05-30-2012, 10:48 AM   #6
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Just like mdosu said, go to a credit union that is near you. The CU's usually offer much better rates than the big banks. The process isn't too bad, if the current owner of the car is still financing it, the CU will have to obtain a payoff amount and send/wire the funds to the bank that has the lien on the title. Then they will have to set up the new loan and transfer the title under your name, with your CU holding the lien. I went through this for my M3 and it was pretty simple. I'll give you an example of how the numbers will work:

Purchase price: 45,000
Amount still owed on car: 30,000
Amount you're putting down: 5,000
Taxes, title, license fees: 2,000

The CU will wire 30,000 to the bank who has the lien on the title, paying it off, and allowing the CU to obtain the title.

The CU will cut a check of 15,000 to the seller.

The CU will have the loan prepared for you in the amount of 42,000 (45,000 - 5,000 down + 2,000 taxes)

Hope I didn't confuse you!

Last edited by coogs08; 05-30-2012 at 10:58 AM.
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      05-30-2012, 11:24 AM   #7
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Quote:
Originally Posted by mdosu View Post
Why is everyone giving him Penfed, Navy Fed and USAA info? What if he's not connected to military or dept. of defense? he's asking how to do it, not where it's the cheapest.

Go to bank or credit union where you want to take out the loan, tell them it's a private sale, they'll tell you what they need from you and seller to cut you a check. It's a bit painful, but beats getting reamed by a dealer
you don't need to have any connections to the military to use PenFed. just FYI.
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      05-30-2012, 03:07 PM   #8
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Quote:
Originally Posted by coogs08 View Post
Just like mdosu said, go to a credit union that is near you. The CU's usually offer much better rates than the big banks. The process isn't too bad, if the current owner of the car is still financing it, the CU will have to obtain a payoff amount and send/wire the funds to the bank that has the lien on the title. Then they will have to set up the new loan and transfer the title under your name, with your CU holding the lien. I went through this for my M3 and it was pretty simple. I'll give you an example of how the numbers will work:

Purchase price: 45,000
Amount still owed on car: 30,000
Amount you're putting down: 5,000
Taxes, title, license fees: 2,000

The CU will wire 30,000 to the bank who has the lien on the title, paying it off, and allowing the CU to obtain the title.

The CU will cut a check of 15,000 to the seller.

The CU will have the loan prepared for you in the amount of 42,000 (45,000 - 5,000 down + 2,000 taxes)

Hope I didn't confuse you!
yeah, confusing, but that's correct. Lots of steps involved, but the credit union knows exactly who to talk to and what they need. They're in the business to make this go smoothly and quickly so you can start paying them for a loan. lol. Good luck OP.
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      05-30-2012, 03:36 PM   #9
coogs08
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Quote:
Originally Posted by mdosu View Post
yeah, confusing, but that's correct. Lots of steps involved, but the credit union knows exactly who to talk to and what they need. They're in the business to make this go smoothly and quickly so you can start paying them for a loan. lol. Good luck OP.
Aint that the truth...
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      05-30-2012, 05:28 PM   #10
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Just an FYI, the only big bank that does private car loans in California is Bank of America. The process is a bitch/nightmare. Ask me how I know.
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      06-06-2012, 09:24 PM   #11
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Penfed.. read what other people are saying guys.
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      06-06-2012, 11:27 PM   #12
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Quote:
Originally Posted by mdosu View Post
Why is everyone giving him Penfed, Navy Fed and USAA info? What if he's not connected to military or dept. of defense? he's asking how to do it, not where it's the cheapest.

Go to bank or credit union where you want to take out the loan, tell them it's a private sale, they'll tell you what they need from you and seller to cut you a check. It's a bit painful, but beats getting reamed by a dealer
You don't have to be military to join Penfed, anyone can join. Plus they are fantastic to work with. They currently have 1.99% on used car loans.
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      06-07-2012, 11:39 AM   #13
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      06-07-2012, 11:50 AM   #14
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Yes, anyone can join penfed... but the process is a little bit more involved than going to a local credit union or bank to get a loan. I joined penfed but the process online is a bit confusing if you don't follow their directions and everything closely. Even then it took a few phone calls to get things rolling. It was anything but smooth. I would say going to the local CU or bank is a lot more painless as they hold your hand as you go through the process.
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      06-07-2012, 03:05 PM   #15
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Quote:
Originally Posted by fongpi View Post
Howdy y'all,

There is a car on the forum I want buy, what's the best way to get a loan? I've always gone through the dealership so this would be a first. Any credit unions that are recommended?
Seems to me that the OP is in fact asking for recommended CU's, not just the steps . At any rate if you are still interested, I just saw a commercial from USAA offering services to non-military/DoD affiliated. Check out this site..https://www.usaa.com/inet/pages/why_...legacyPassDown under the "Other Individual" tab.

Happy shopping & good luck with your purchase!

Last edited by SAINT VAN ROCK; 06-07-2012 at 03:19 PM.
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      06-27-2012, 03:05 AM   #16
fongpi
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Quote:
Originally Posted by mdosu View Post
Why is everyone giving him Penfed, Navy Fed and USAA info? What if he's not connected to military or dept. of defense? he's asking how to do it, not where it's the cheapest.

Go to bank or credit union where you want to take out the loan, tell them it's a private sale, they'll tell you what they need from you and seller to cut you a check. It's a bit painful, but beats getting reamed by a dealer
Thank you!
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