Nissan 370Z Forum - Auto Loan Question

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I was simply explaining what a lien holder was. But, honestly I think you should wait on your purchase. As you stated, with a 526 credit score most banks will not finance you, you need a cosigner or a very large down payment.

Quote:

Originally Posted by Jason (Post 91578)

sorry if my post was confusing...

- i applied for a penfed loan
- it was pending when it was time for me to buy the z
- i borrowed money from a relative and told them i'd pay them back when they approve the loan
- i bought the car with my relatives money
- when penfed approves my loan, how do i get that money to my relative instead of the dealership?

Jason,

You're in an unusual situation. Technically, they are expecting to issue the check to the dealer. They may, or may not issue the check in your name, they may ask to see a copy of the bill of sale so that they can verify the dealer, VIN, year, mileage, etc...

Its up to you, buy maybe you should be straight with Penfed and tell them what happened. They may change your rate, higher, but I don't think that you want to get caught in a lie.

You've represented to them that you are going to buy a new car from a dealer and use Pen Fed's money for part of the financing. I think you should come clean.

I'm not trying to imply that you're trying to rip them off, because you're not, but they may see things differently, especially if they find out by accident before closing.

Just my two cents.

Thanks for the information. I was looking for the this type of stuff. Because i am also dealing with this type of problem. Now i can easily handle my problem.
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I want to ask what is your credit score and what rate did you get from PenFed? I am going to buy a 370z soon so I want to know what kind of rate I would get at around what score. Thanks man

Quote:

Originally Posted by -EAD- (Post 91567)

I'm not sure if/how your situation is different than mine, but here is my experience:

Last Wednesday night I applied for membership with PenFed and opened an account. I setup my online access, and then immediately applied for a car loan online.

After entering in all the required information and hiting submit, I immediately got feedback that I had been approved for the loan.

Thursday morning I called PenFed and told the lady I had been approved the night before. She verified my account information and identity. Then I provided her with the sellers name and the VIN number of the car I was purchasing. She went through some questions and answers and the check for purchase was ready for issue. We funded my account with enough money to have it shipped via FedEx overnight and Friday morning at work I had the check for the purchase of my new vehicle.

If you want to get a auto loan with bad credit. I think first of all you have to view credit report online. There are some sites which provide consumer credit report. Before you start to shop for a loan first of all Exactly know your credit report.

Bad Credit Auto Loans

This thread has a whole lot of wow..... just wowwwwww. Good luck with your efforts and possible purchase. :tiphat:

To the OP. FYI on a recomendation of financial resources like Payday loans. Absolutely a horrible choice or recomendation. I would say stay completely away from these types of no credit check local financing or online financing services. Their is zero need to borrow on the short term on a tax return. You can file electronically and receive your money directly into your bank account fairly quickly. Good luck! :tiphat:

FYI the guy trestan is a spammer. Reported.