Using a Bank Loan to buy a Pre-Owned Car?

Does any one have experience using a Bank Loan to buy a Pre-Owned Car?

Any advice or tips?

Any recommendations?

So far our research shows that Chase has the lowest rate (3.69% for a 60 month loan) which may be lowered because we have our accounts with them.

The dealer was basing pricing off a rate of 5.9% which feels HIGH to us considering our credit is excellent. When we asked if he was basing that rate off a worst-case credit score he said no.

Message edited 1/10/2011 11:50:37 AM.

Re: Using a Bank Loan to buy a Pre-Owned Car?

what dealer/car maker are you going with?

Do you belong to a credit union? they tend to have better % rates..

Re: Using a Bank Loan to buy a Pre-Owned Car?

Bring in your pre-approval paperwork from Chase to the dealer.

Show it to the dealer and say "Match this rate or i'll come back with a check in a few days".

They magically came back to us with the same number 10 minutes later (also with Chase, our bank we got the pre-approval from.)

Re: Using a Bank Loan to buy a Pre-Owned Car?

We just bought a used car through a dealer a few weeks ago. They (the dealer) got us a rate of 3.25% through Bank of America.

Re: Using a Bank Loan to buy a Pre-Owned Car?

Re: Using a Bank Loan to buy a Pre-Owned Car?

You can get a better rate than that if you go to a credit union.

Re: Using a Bank Loan to buy a Pre-Owned Car?

Re: Using a Bank Loan to buy a Pre-Owned Car?

Re: Using a Bank Loan to buy a Pre-Owned Car?

Posted by twinkletoes807

Posted by PreshusSmurf

Posted by bicosi

what dealer/car maker are you going with?

Do you belong to a credit union? they tend to have better % rates..

Currently looking at Honda Pilots.

We don't belong to a credit union, but its worth looking at. Thanks for the suggestion!

I got a 2007 Honda Pilot EX in May. I belong to a credit union and was prepared to finance with them since they gave me a great rate. When I sat down to make the deal with Babylon Honda, they got me an even better rate after I told them what I was offered with the CU. Believe it or not, they got me an even lower rate with Wells Fargo Dealer Services. I would check with TFCU (Teachers Fed CU) since I think you don't have to be a member to get a loan there and their rates are competitive. Then, when you go to the dealership, have them try to get you a better deal! Good luck! I LOVE my Pilot!

Re: Using a Bank Loan to buy a Pre-Owned Car?

Posted by PreshusSmurf

Posted by twinkletoes807

Posted by PreshusSmurf

Posted by bicosi

what dealer/car maker are you going with?

Do you belong to a credit union? they tend to have better % rates..

Currently looking at Honda Pilots.

We don't belong to a credit union, but its worth looking at. Thanks for the suggestion!

I got a 2007 Honda Pilot EX in May. I belong to a credit union and was prepared to finance with them since they gave me a great rate. When I sat down to make the deal with Babylon Honda, they got me an even better rate after I told them what I was offered with the CU. Believe it or not, they got me an even lower rate with Wells Fargo Dealer Services. I would check with TFCU (Teachers Fed CU) since I think you don't have to be a member to get a loan there and their rates are competitive. Then, when you go to the dealership, have them try to get you a better deal! Good luck! I LOVE my Pilot!

That's awesome! Especially since on Wells Fargo's website they list a rate of 6.74%.

Bethpage Federal CU seems to have the lowest rates - lower than TFCU.

Re: Using a Bank Loan to buy a Pre-Owned Car?

Posted by twinkletoes807

Posted by PreshusSmurf

Posted by twinkletoes807

Posted by PreshusSmurf

Posted by bicosi

what dealer/car maker are you going with?

Do you belong to a credit union? they tend to have better % rates..

Currently looking at Honda Pilots.

We don't belong to a credit union, but its worth looking at. Thanks for the suggestion!

I got a 2007 Honda Pilot EX in May. I belong to a credit union and was prepared to finance with them since they gave me a great rate. When I sat down to make the deal with Babylon Honda, they got me an even better rate after I told them what I was offered with the CU. Believe it or not, they got me an even lower rate with Wells Fargo Dealer Services. I would check with TFCU (Teachers Fed CU) since I think you don't have to be a member to get a loan there and their rates are competitive. Then, when you go to the dealership, have them try to get you a better deal! Good luck! I LOVE my Pilot!

That's awesome! Especially since on Wells Fargo's website they list a rate of 6.74%.

Bethpage Federal CU seems to have the lowest rates - lower than TFCU.

I'm was pleasantly surprised! I think our rate was like 3.2 for 72 months. Wells Fargo Dealer Services is a different branch than Wells Fargo. From what I understand, only the dealer can get rates from them, so it's not the same rates as on the regular WF site. I would ask the dealership about them! HTH!

Re: Using a Bank Loan to buy a Pre-Owned Car?

I did this through a credit union when I lived in MD. The nice thing about the CU is the automatically deducted it from the account.

Message edited 1/10/2011 2:24:16 PM.

Re: Using a Bank Loan to buy a Pre-Owned Car?

I got my first loan through a credit union.

The dealership wanted me to finance through them, so they actually asked me what interest rate I had to see if they could match it. When I told them, they said they couldn't match the rate, so I went with the credit union.

Re: Using a Bank Loan to buy a Pre-Owned Car?

some dealers will match or beat credit unions that is what we did we went to TFCU and then told the fiance officer at the dealer and he was able to beat the credit unions rate.
that was apple honda we went with

Re: Using a Bank Loan to buy a Pre-Owned Car?

Posted by twinkletoes807

Posted by PreshusSmurf

Posted by twinkletoes807

Posted by PreshusSmurf

Posted by bicosi

what dealer/car maker are you going with?

Do you belong to a credit union? they tend to have better % rates..

Currently looking at Honda Pilots.

We don't belong to a credit union, but its worth looking at. Thanks for the suggestion!

I got a 2007 Honda Pilot EX in May. I belong to a credit union and was prepared to finance with them since they gave me a great rate. When I sat down to make the deal with Babylon Honda, they got me an even better rate after I told them what I was offered with the CU. Believe it or not, they got me an even lower rate with Wells Fargo Dealer Services. I would check with TFCU (Teachers Fed CU) since I think you don't have to be a member to get a loan there and their rates are competitive. Then, when you go to the dealership, have them try to get you a better deal! Good luck! I LOVE my Pilot!

That's awesome! Especially since on Wells Fargo's website they list a rate of 6.74%.

Bethpage Federal CU seems to have the lowest rates - lower than TFCU.

I'm was pleasantly surprised! I think our rate was like 3.2 for 72 months. Wells Fargo Dealer Services is a different branch than Wells Fargo. From what I understand, only the dealer can get rates from them, so it's not the same rates as on the regular WF site. I would ask the dealership about them! HTH!

Re: Using a Bank Loan to buy a Pre-Owned Car?

Posted by ave1024

Posted by twinkletoes807

Posted by PreshusSmurf

Posted by twinkletoes807

Posted by PreshusSmurf

Posted by bicosi

what dealer/car maker are you going with?

Do you belong to a credit union? they tend to have better % rates..

Currently looking at Honda Pilots.

We don't belong to a credit union, but its worth looking at. Thanks for the suggestion!

I got a 2007 Honda Pilot EX in May. I belong to a credit union and was prepared to finance with them since they gave me a great rate. When I sat down to make the deal with Babylon Honda, they got me an even better rate after I told them what I was offered with the CU. Believe it or not, they got me an even lower rate with Wells Fargo Dealer Services. I would check with TFCU (Teachers Fed CU) since I think you don't have to be a member to get a loan there and their rates are competitive. Then, when you go to the dealership, have them try to get you a better deal! Good luck! I LOVE my Pilot!

That's awesome! Especially since on Wells Fargo's website they list a rate of 6.74%.

Bethpage Federal CU seems to have the lowest rates - lower than TFCU.

I'm was pleasantly surprised! I think our rate was like 3.2 for 72 months. Wells Fargo Dealer Services is a different branch than Wells Fargo. From what I understand, only the dealer can get rates from them, so it's not the same rates as on the regular WF site. I would ask the dealership about them! HTH!

I got 2.89% with WF dealer services. However that was for a new car. Used rates are usually higher.

You can ask WF dealer services to match the best new car rate you have. But I have found the best rates for used cars are typically with CUs.

Re: Using a Bank Loan to buy a Pre-Owned Car?

i used TFCU to buy my honda civic years ago. my fixed rate was pretty good then (2005) at 5.99% but i bet it would prob be more negotiable now with the economy. i really like that bank and have had zero problems with them.
good luck!