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I've never taken a bank loan - what do I need to do?

amdhunter

amdhunter

Lifer
I want to take out a personal loan from a bank to purchase a car from a friend of mines. How can I go about doing this? I've taken plenty of car loans, but never a loan where I walk into a bank and just ask for money.

This is my situation in a nutshell.
I'd like to go through Chase, since I bank with them.

The loan amount will be $10k, which is less than I have in the bank.
The car will be bought from a friend, not a dealer. (2004 RX-8)
I want the loan to have a 2 year payoff, but it will be paid off in ~6-12 months.
My credit is immaculate -- over 800.

Do I just go in and ask for money? What kind of "tactics" will they use to give me a higher interest rate? Will the simple act of applying for a loan drop my credit score dramatically?

Any other things I should watch out for?
 
Show them your pay stubs from the "Black Man iPod Factory".

On a more serious note, bribe them with free iPods.
 
Tell them you want an auto loan, give them the VIN# of the car you want to buy, they'll give you a check to purchase the car and they remain the lein holder on the car.
 
amdhunter said:
i want to take out a personal loan from a bank to purchase a car from a friend of mines. How can i go about doing this? I've taken plenty of car loans, but never a loan where i walk into a bank and just ask for money.

This is my situation in a nutshell.
I'd like to go through chase, since i bank with them.

The loan amount will be $10k, which is less than i have in the bank.
The car will be bought from a friend, not a dealer. (2004 rx-8)
i want the loan to have a 2 year payoff, but it will be paid off in ~6-12 months.
My credit is immaculate -- over 9000

do i just go in and ask for money? What kind of "tactics" will they use to give me a higher interest rate? Will the simple act of applying for a loan drop my credit score dramatically?

Any other things i should watch out for?
Click to expand...

FIXED. :awe:
 
amdhunter said:
Is it really that easy? They don't care that the money will be used to purchase something from someone privately? (As opposed to through a dealer?)
Click to expand...

Yeah, they are going to want to know about the car. Clear title? If not they will need contact info for the current lender. Vin number to check the ownership.
If the car has a lien your friend needs to give you a payout amount for the loan.
Your bank is not going to give you a check, instead they will send the money to the lien holder.
 
amdhunter said:
Is it really that easy? They don't care that the money will be used to purchase something from someone privately? (As opposed to through a dealer?)
Click to expand...

In an unsecured loan situation that don't care if you spend it on hookers and blow. Similarly does your credit card company care if you are buying gas or buying porn? no. They care about your ability to repay as agreed.
 
waffleironhead said:
Yeah, they are going to want to know about the car. Clear title? If not they will need contact info for the current lender. Vin number to check the ownership.
If the car has a lien your friend needs to give you a payout amount for the loan.
Your bank is not going to give you a check, instead they will send the money to the lien holder.
Click to expand...

He owe's 11,500 and I'll be buying it from him for 10 even. Does that matter? What kind of obstacles will I face? He'll be paying it off before I purchase it.
 
amdhunter said:
He owe's 11,500 and I'll be buying it from him for 10 even. Does that matter? What kind of obstacles will I face? He'll be paying it off before I purchase it.
Click to expand...

If he pays it off before purchase, he will get a lien release from his lender. Your best bet would be to secure the loan to your liking.(rate, amount, term, etc) Then have your friend meet you at the bank with the proper documentation.(title,lien release). Then, you, seller and banker can all work it out.
 
If you go for an autoloan you fill out the std. application. IIRC, They compare the trade-in value to the sale price. Usually you have to cover the difference as a downpayment. Before cutting the final check they probably will want to look over the vehicle because it is a private party sale. All in all it's pretty simple, ask what they need for paperwork from you before you drive in... paycheck stubs, IRS statement, SS Card, etc.
 
I had trouble getting one at the bank as I had just gotten a mortgage so ended up going to Citi and guessing the bank is similar. literally got the money the same day. Go there, ask for 5k, get approved for 10k, agree on 7k, show some personal stuff like SSN, license etc... get check, go deposit it.

It was actually scary how easy it was. Now that it's paid off I'm sure I could go again and they'd probably give me even more. Never again though, unless I have a serious emergency. And ask for anal lube, they tend to carry it as it's a highly requested item at loan offices. 😛
 
dman said:
If you go for an autoloan you fill out the std. application. IIRC, They compare the trade-in value to the sale price. Usually you have to cover the difference as a downpayment. Before cutting the final check they probably will want to look over the vehicle because it is a private party sale. All in all it's pretty simple, ask what they need for paperwork from you before you drive in... paycheck stubs, IRS statement, SS Card, etc.
Click to expand...

Damn, that sounds like too much hassle IMO. Can't I just go in and be like, give me some money?
 
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