Auto loan to buy private party vehicle, suggestions?

[octechgeek]

Normally when it comes to getting a loan, I just go to my credit union and they take care of my auto loans quick and easy but the only reason it's easy is because the seller is local and he/she comes with me into my credit union to just sign over some paper work.

My question is....I'm looking into buy a vehicle probably either out of state or just plain far, are there banks that once approved, will just issue you a blank check and you can just sign it over to the seller? My credit union won't do that because they want the seller to be present. PITA.

I know with today's economy and how banks are tighten up with their guidelines, I can't find any info online.

what do you guys use out there when buying out of state or just somewhere far?

thanks in advance.

 

[ashman]

Not sure if this will help but my bank USAA issued me a loan check which I could present to a private party in exchange for the vehicle title. This was an out of state transaction and they mailed me the check which I in turn mailed to the seller. I would figure they are not the only bank willing to do so.

 

[Moses]

USAA, did the same with me.

SSFCU, did the same also.

 

[NSXGMS]

Capital One was always pretty liberal with their auto loan guidelines AFAIK. No vehicle age limit, private party ok, less-than-perfect credit, etc.

Not sure if the credit crunch has changed that but they're worth looking into, particularly for NSXs that tend to be older. Capital One's loan terms aren't anything to write home about even with great credit but that's the price one pays for fairly liberal loan guidelines I suppose.

Luckily one can usually refinance car loans fairly easily if possible. In my experience credit unions offer the best auto loan rates and terms if one qualifies but CUs tend to be stricter on vehicle age limits and credit scores.

 

[davidf]

Years back whenI bought my 350Z out of town I had my CU contact his CU about what was going on. Once I went down and agreed on the purchase I then called my CU from his CU and they made the electronic transaction and his CU handled all the title/paper work for us. As long as he/she has a legitimate CU/bank it can easily be done. Therefore your not responsible for carrying around a huge check. You will also need to give your ins. the info. {yr model/vin}prior to your trip so you can prove to both CU's it is insured to drive back.

 

[rbilder]

I used Capital One Auto loans in the past.

They offered some of the best rates, beat my CU at the time. They sent all the paperwork, but if I remember correctly we had to goto a place to sign all the paperwork. Mailboxes etc. I believe.

They may do it differently now. Especially with the credit crunch, but seeing how they do/did auto loans via the Intenet, I would think they would still use the same or similar process.

It has been a while since I used them.

 

[Big_D]

This may sound crazy, but if you have a high enough credit limit you can get a cash advance on your credit card and then when you get the vehicle home use the funds from the Credit Union to pay it back. I did that with a boat I owned. My CC company wired $32K into my checking account and then I got a cashiers check to buy the boat. I only had to pay a $100 transaction fee. I only used their money for 5 days.

 

[4AU4LIFE]

I bought my DD from a dealership in NC. I had them fax me a copy of the buyers order and I then had my CU cut me a check, I then overnighted that to the dealership and they delivered the car to me 2 days later.
I had no real concerns or worries about the purchase as I checked them on with the BBB first and saw they have an AAA+ rating.

 

[wahoo5]

Capital One now has an age limit. They wouldn't loan on my 2000 NSX when I bought it last summer. It was not on their web site or the application. They only told me after they wasted my time.

 

[NSXclear]

Or you can find your nearest basement pool hall. Go to the back room and look for the guy sitting in the back table.

Ask to borrow some money. The more tatoos he's got on his arm, the better the rates. I think it's 5 tatoos = 1 basis point. :biggrin:

 

[lazynok]

Capital One now has an age limit. They wouldn't loan on my 2000 NSX when I bought it last summer. It was not on their web site or the application. They only told me after they wasted my time.

I'm glad I got my 92 NSX through them a few years ago then! I promptly refinanced with a CU like others have said... the CapitalOne rate sucked.

 

[charlee]

You can always get an equity loan from your mortgage. I got my nsx this way when interest was 4.25.

 

[Big_D]

You can always get an equity loan from your mortgage. I got my nsx this way when interest was 4.25.

You mean there are actually people that still have equity? Thats nice to know. My house dropped 50% in the last 3 years.

 

[mlambert890]

Pentagon Federal Credit Union... Great rates and very flexible terms (no age limit, private party ok, 100k mile ceiling, 10% over NADA limit)

To join you have to either be military OR a member of the National Military Family Association (a great cause) which, to join, requires you to either have a family member in the military, or to donate some greenbacks.

I happily donated $100 to the NMFA (and will do so every year proudly) and then joined PenFed. Was a win/win. I get the benefits of the CU, the Fed gets my interest money to blow on more BS, and the NMFA gets a new donor to help out families of soldiers out there putting their behinds on the line.

 

[Richallstage91]

Pen fed is great, you must be/have been or a family member who is or has been in the military. They are pretty loose as my father was in Korea in the 50's and that was fine. Interest rate for my 91 was 3.99 they will finance NADA (I think that is up to 24K for a 91) but they say for cars under 100K miles, I don't know what they do after 100K. I filled out an on line app, was approved right away, and they sent a check to me in the sellers name, before I even had the title in hand. It could not have been any easier.:smile:

 

[dawk]

Use a local broker to purchase the car, buy through broker.