Car financing question - Chicagoland Sportbikes
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post #1 of 7 (permalink) Old 10-23-2008, 11:03 AM Thread Starter
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Car financing question

What's the best way to finance a car that I want to buy from a private seller? Please let me know if you have done it before or have some reliable info on how its done. I'd like to know how long it takes too, is it possible to get approved and get a check the same day?

Russ
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post #2 of 7 (permalink) Old 10-23-2008, 11:06 AM
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Find a local credit union or try capitaloneautofinance.com.

It takes about a week or two.

No one this day in age will approve you the same day. The loan needs to be underwritten and analyzed.

-Maciek
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post #3 of 7 (permalink) Old 10-23-2008, 11:09 AM
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I have a mortgage, checking, saving and CC account with a bank that has local branches. If I need a loan for something like a car or a bike I go to them. I have been in and out in about 2 hours with a check and bring the title back later that day.
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post #4 of 7 (permalink) Old 10-23-2008, 11:13 AM
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Check with your bank first, they should be willing to work with you more than a random credit union.

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post #5 of 7 (permalink) Old 10-23-2008, 12:05 PM
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I just got a car loan from Chase in 45 min (from application to getting a check in hand). Of course my credit is pretty good. I hear that if you have a credit score of less than 750 your application will be delayed in underwriting. This was the same response I got from ABT when purchasing a new TV last week.

750 is pretty good. 2 years ago that score would get an immediate go. That said, about 2 years ago I ran a credit check and spent an afternoon cancelling all the credit cards that appeared on my account which I hadn't used in a while. It takes a while for those to drop out of your history but other than that I didn't change my spending behaviors and am well into the 800s.

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post #6 of 7 (permalink) Old 10-23-2008, 12:14 PM
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I also use Chase. They are pretty strict with their lending but if they like you, they practically throw money at you when you walk in the door.
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post #7 of 7 (permalink) Old 10-23-2008, 01:57 PM
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Quote:
Originally Posted by ABSOLUTnie View Post
Find a local credit union or try capitaloneautofinance.com.

It takes about a week or two.

No one this day in age will approve you the same day. The loan needs to be underwritten and analyzed.
Granted - this was a few years ago. But for my car I used Capital One and it was super quick. I did all the forms online - submitted it, about 5 mins later I got an email that said I was approved. Then within the hour a rep called me to confirm everything, and a check was FedEx'd to me overnight. I got approved for a certain amount, but you write out the check for the final selling price - assuming it was the approval amount or less. You then end up faxing some paperwork to Capital One to finalize everything (this is done with the seller and their proof of ownership, title, etc..) BTW - this was done all with no cash down payment

Overall it went very smooth and I wouldn't hesitate to do it again.
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