@Anonymous wrote:
I’m in the market to finance a 1-2 year old Honda Civic 15kish miles from a dealer.
how exactly does a bank loan work? Does it apply to me personally or the car? Say the dealer sells the car I’m looking at. Am I able to use it for a different car? Sorry for the dumb question I just don’t understand how the system works.
It may vary by lender, but last auto loan I got was financed by a credit union...they did a hp for a pre-approval and when I found the car I wanted I called to give them the year and VIN and mileage, and they let me know how much they could lend on it based on KBB or NADA book value. The first one I checked would have required 1000 down, the second place I went had one that they would lend almost 1000 more than the negotiated price. They had the dealer fax the papers, and cut a check I had to pick up and carry to the dealer...easy peasy!!! The loan was at 1.75% interest rate.
TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
