mustangman2011 Posted January 9, 2015 Report Share Posted January 9, 2015 If so who did you use? What was your rate? Any pro's or cons? Thanks Quote Link to comment Share on other sites More sharing options...
gillbot Posted January 9, 2015 Report Share Posted January 9, 2015 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. Quote Link to comment Share on other sites More sharing options...
350pandaz Posted January 10, 2015 Report Share Posted January 10, 2015 Only place ive heard would issue blank checks is capital one. I believe you have to go with a dealership thats on their list and vehicle under 7 years and low mileage. No private party. Quote Link to comment Share on other sites More sharing options...
Geeto67 Posted January 10, 2015 Report Share Posted January 10, 2015 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. Quote Link to comment Share on other sites More sharing options...
mustangman2011 Posted January 10, 2015 Author Report Share Posted January 10, 2015 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. Quote Link to comment Share on other sites More sharing options...
GRN96WS6 Posted January 10, 2015 Report Share Posted January 10, 2015 Navy Fed does that, you get approved for say 25K you get a blank check in the mail and can spend up to 25K. I prefer to use credit unions for loans, they almost always have the lowest rates. I've used both NavyFed and Penfed. Quote Link to comment Share on other sites More sharing options...
iwashmycar Posted January 10, 2015 Report Share Posted January 10, 2015 PenFed is awesome. I used them for my first new car purchase from MAG a few years back Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted January 10, 2015 Report Share Posted January 10, 2015 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. Quote Link to comment Share on other sites More sharing options...
Smokey Posted January 10, 2015 Report Share Posted January 10, 2015 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. Quote Link to comment Share on other sites More sharing options...
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