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Anybody ever get a blank check loan to buy a car??


mustangman2011

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Depends on the institution and your credit. I used my bank and the loan officer asked if I wanted a blank check or I could call them with the amount and they'd send it in or I could pick it up. As for terms, they are usually decided before you get the check.
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Bank of America - terms were up to $30k for a used car, under 5 years old, under 100k miles, had to be bought from a franchise dealer, $2k down payment, 2.9%. It's a deal they offer twice a year, just watch bankrate.com for when it pops up. Gave me the option of a check but I choose to have the check issued to the dealer because we found a car the day after getting approved.
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USAA and NFCU both offer insane rates. As a dealership we usually can beat any rate, but they will do insane loans for people with shit credit, given the right circumstances.

 

Generally speaking, yes a CU is going to be your best bet. However, IMO a blank check loan is not the best way to get a loan; the best way is to first find the vehicle you want, THEN apply for the loan. Vehicle-specific approvals are almost always more competitive than a blank check loan.

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Ok thanks for the info. I thought someone used to offer it through anyone. Private party dealer etc. Maybe I am mistaken or they changes rules etc.

 

Capital one used to do their "blank check" for private buyers and older cars, but the rules changed after things went to crap in 08.

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