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4 Responses to “If we get an automobile loan from my credit union, do we have to get a automobile from a dealer?”

1. SPIFIMAN1 says:

   September 6, 2010 at 11:30 pm

   Auto finance is what I do for a living and your credit union is going to want to know the year, make, model, miles, options, sales price and N.A.D.A. loan value book on anything you buy.

   Now weather that’s going to force you to buy from a dealer or not I doubt it but they are not going to loan you $20,000.00 to go buy a 10-years old car with 100,000 miles on it.

   Talk to your loan officer at your credit union.
2. OC1999 says:

   September 7, 2010 at 12:21 am

   There are two things here. If you are asking for only $2,000(not $20,000) you may be able to get a “signature” loan. For this type of loan you can use it for anything you want. The bank may ask what it is for, but won’t use the car for security. This is a harder loan to get because you are not putting up security.

   The other possibility is that they use the car as a security. Here you will need to give the bank(Credit Union) all of the information on the car. If they give you a loan in this case they will hold the title until you have the loan paid off. Because the car is security it is generally easier to get this type of loan.
3. Ted says:

   September 7, 2010 at 12:51 am

   They will not just put the money into your checking account. They want a lien on the car for security. The car has to be worth the amount of the loan. You will have to ask them exactly how they want to handle the paperwork because everybody is a little different.
4. sc2m says:

   September 7, 2010 at 1:18 am

   The first and last time I purchased from a private dealer(person) the bank gave me the check to give to them and I brought back the title to the bank. It was pretty easy.