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Posts: 99
Registered: ‎04-02-2012

Ready to app for used. Need advice!

[ Edited ]

So I've been hunting down the car I'm wanting to buy and I've found several in different cities outside of town for between 12-15k I'm willing to drive to look at and buy cause there's not good deals in my neck of the woods. A couple are from private parties and a couple are at dealerships. I've been gardening my credit and it should be around 750 when all the bureaus catch up to my recent CC balances and CLI's in a day or so. I will have little or no money to put down on this loan. So how should I go about getting loan approval that would cover either scenario dealership or private party? I like the idea of the blank check loan because I'm going to do some traveling out of town to see the cars and when I find the car I want I would like to be able to do the deal right then and there and drive it home.


At a dealership they'll take care of all the paperwork but with a private party what do I need to do to get all the paperwork done on the spot? We'd need to have the title signed and notarized and we may need to visit their bank for their confidence in the check correct? The pre approved blank check style loan should be easy enough to do on the spot right?


Anything I'm not thinking of?


Is not having much if any money down going to effect my approval chances?


Orchard CL520 1.5yrs

Chase Freedom CL1k 4mo

Amex BCE CL6k 4mo

Util under 15%

No baddies at all

EQ 739 and about to rise

From no credit to EQ 747 in 16 months using info from these forums!

Chase Freedom 3k, Chase Slate 5k, Chase Sapphire Preferred 6.4K Amex Blue Cash 9k, Discover More 8K, Citi Simplicity 3.2k

RIP: Orchard/Cap1 520CL

Fico 726

Epic Contributor
Posts: 26,125
Registered: ‎10-23-2007

Re: Ready to app for used. Need advice!

Go join a local Credit Union, They will be tons easier to deal with when possibly switching back and forth from dealer to private and pre-approvals that are real and won't likely change when you go to actually finalize and get check.

Fico Scores 8: EX 694. TU 689. EQ 658. 05/26/2015
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