Printable View
I should know the answer to this, but...
It it possible to get a bank loan on a vehicle I already own? Let's say I want to finance a car, but do not have enough time to set up a loan with a bank/CU. Can I purchase the car with my cash, then apply for a loan on said car?
I have done it in the past, but I think it would depend on the bank/CU. It was a long time ago, and I don't remimber if it was done as an auto or personal loan with the car as collateral.
I would put in a quick call to your bank and check before I did anything.
I bank with BoA, and getting a car loan done in a hurry is impossible since you can't discuss/finalize the loans with a bank officer. It's all done electronically and takes forever. My last loan took a week to process, and we BOTH banked at BoA!
You could always go to another bank that has better service and/or rates. (I have no idea what BoA rates are). Banks really don't care if you have an account with them before they loan you money. Without talking to a person it may be hard to get a auto loan on a car you own.
I suspect you can work it out through a credit union, since they always tell me to write the check and they fund it into my account. If nothing else, you can probably put a sizeable deposit on the car and complete the deal a few days later.
Penfed 1.49 and they can overnight a check.
Credit Unions FTW! Why would you do business with a giant bank!