How does a blank check auto loan work?

Anonymous — Tue, 21 Aug 2018 04:02:27 GMT

I just got a promo code from Alliant Credit Union about my low rate auto loan waiting for me. I've been thinking about getting a new car, but am unfamiliar with doing it through a credit union. How does this work? Is this a blank check loan? Do you need to put a downpayment down when you get this? Any insight would be helpful.

Re: How does a blank check auto loan work?

Loquat — Tue, 21 Aug 2018 11:51:48 GMT

It depends on the offer. Blank check auto loans use to be really popular in the past. CapOne and HSBC were really good about sending those things out.

Now I only hear of credit unions doing such. Typically with check drafts your lender will approve you up to a specific amount and usually have some requires such as a age, miles, and who you can purchase from (i.e. dealer vs. private seller). You often don't have to put money down unless you're trying to purchase outside of your pre-approved amount.

Are they legit loans, absolutely. This is the only way I'll purchase a vehicle. PenFed/Navy Federal/DCU are my lenders of choice unless captive finance has a really good offer.

topic Re: How does a blank check auto loan work? in Auto Loans

How does a blank check auto loan work?

Re: How does a blank check auto loan work?