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23 replies to this topic

#1 colorado_guy

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Posted 09 February 2012 - 05:22 PM

Hi, my girlfriend just recently applied for car financing through PenFed (she owns the car free and clear). In 2 days she received a check with amount requested written out to her. They said she can mail them the title at her own convenience. Super simple. No income verification.

I want to apply myself but I know PenFed will deny me. Can you advise similar places where I can get approved this hassle free (minimum or no docs to fax over, good time frame to send them the title etc). I know Navy does the same, but I do not qualify. Anyone else? Thank you!

Edited by colorado_guy, 09 February 2012 - 05:31 PM.




#2 MarvBear

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Posted 09 February 2012 - 05:22 PM

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#3 MarvBear

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Posted 09 February 2012 - 08:02 PM

Hi, my girlfriend just recently applied for car financing through PenFed (she owns the car free and clear). In 2 days she received a check with amount requested written out to her. They said she can mail them the title at her own convenience. Super simple. No income verification.

I want to apply myself but I know PenFed will deny me. Can you advise similar places where I can get approved this hassle free (minimum or no docs to fax over, good time frame to send them the title etc). I know Navy does the same, but I do not qualify. Anyone else? Thank you!



There are multitudinous factors a lender will take into consideration for an auto finance application. Without knowing a great deal more about your personal credit situation, I wouldn't know whom to recommend.

#4 MarvBear

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Posted 09 February 2012 - 08:02 PM

Hi, my girlfriend just recently applied for car financing through PenFed (she owns the car free and clear). In 2 days she received a check with amount requested written out to her. They said she can mail them the title at her own convenience. Super simple. No income verification.

I want to apply myself but I know PenFed will deny me. Can you advise similar places where I can get approved this hassle free (minimum or no docs to fax over, good time frame to send them the title etc). I know Navy does the same, but I do not qualify. Anyone else? Thank you!



There are multitudinous factors a lender will take into consideration for an auto finance application. Without knowing a great deal more about your personal credit situation, I wouldn't know whom to recommend.

#5 colorado_guy

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Posted 09 February 2012 - 09:09 PM

My fico's are high 700s' according to a mortgage pull and credit sesame (know it is fako but still). No baddies, around 20 Trades reporting, no AUTO though (always paid cash). Can get approved for a car loan with any lender but looking for a deal like PenFed offered to my GF. No hassle check without any paperwork accept for the title copy and purchase agreement with reasonable APR. I know about Navy and USAA but do not qualify for either one. Hope this info helps! Thank you!

#6 MarvBear

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Posted 09 February 2012 - 09:29 PM

Your girlfriends situation was probably fairly easy since she already owned and had possession of the title and was approved. If your situation is otherwise then

No hassle check without any paperwork accept for the title copy and purchase agreement with reasonable APR.

this part may require a bit more effort on your part.

If you want to purchase and finance a vehicle, you may find the dealers finance department an extremely valuable resource when it comes to a reasonable rate, however, there will be a tad more paperwork involved.

Good luck!!!!!!

#7 colorado_guy

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Posted 09 February 2012 - 09:50 PM

I own the car. It is worth 23k. I want to finance. Looking for a deal similar that PenFed has offered to my GF. Application - approval - personal check in mail - mail the title to the lender. No hassle, no additional paperwork. Again, I know Navy and USAA has the same deal. I do not qualify for those. If somebody knows of any other similar good sources please share. Thank you

#8 chaos122

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Posted 09 February 2012 - 11:05 PM

Have you thought about the cap1 blank check. I used them once and it was easy and simple.. Only thing you might have to send them is copy of paystubs, not a whole bunch of docs.

#9 colorado_guy

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Posted 09 February 2012 - 11:37 PM

I thought their "blank check" was only for the approved list of their dealerships? Will they do the same if I own the car free and clear and want to finance it to get some cash under good APR?

Thank you




#10 MarvBear

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Posted 10 February 2012 - 07:03 PM

I don't think Capital One will be a proper avenue. I don't think they allow their check to be used for private party transactions, as far as I know.

#11 colorado_guy

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Posted 10 February 2012 - 08:24 PM

Thank you Marv, that is what I thought. Anyone can advice a good bank/CU that will finance the car I already own and bought with cash with minimum hassle/paperwork? The same way PenFed did for my GF?

#12 mk_378

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Posted 10 February 2012 - 11:39 PM

Borrowing cash on the condition that the CU will put a lien on your previously free and clear car or other property is called a secured personal loan. Ask potential lenders using those words.

#13 colorado_guy

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Posted 11 February 2012 - 12:23 AM

All AUTO loans are secured (your car is collateral). My GF applied for an auto loan and was approved for an auto loan and this is how it reports. The APR is 1.99% as they advertise for used car loans. The only difference is that the check was made out to her not to the seller as she is the owner of the car she wanted to finance.

Did anyone ever had to finance a car that he owned free and clear? Please let me know who has a first hand experience. What bank did you use? What was the process? Thank you

Edited by colorado_guy, 11 February 2012 - 12:28 AM.


#14 mk_378

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Posted 11 February 2012 - 10:34 AM

If you ask for an "auto loan" they are going to think you want a purchase money loan or a refinance, not to cash out. Qualifications for those are less strict since it is more apparent that you are getting the loan in order to keep the car and use it.

Edited by mk_378, 11 February 2012 - 10:36 AM.


#15 colorado_guy

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Posted 11 February 2012 - 03:10 PM

bump

Edited by colorado_guy, 11 February 2012 - 03:20 PM.


#16 colorado_guy

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Posted 11 February 2012 - 03:15 PM

bump

Edited by colorado_guy, 11 February 2012 - 03:20 PM.


#17 colorado_guy

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Posted 11 February 2012 - 03:19 PM

Thank you for your help mk_378.
Did anyone ever had to finance a car that he owned free and clear? Please let me know who has a first hand experience. What bank did you use? What was the process? Thank you

Edited by colorado_guy, 11 February 2012 - 03:25 PM.


#18 MarvBear

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Posted 11 February 2012 - 04:50 PM

I've had plenty of first hand experience at this, all from a dealership perspective. My answers are not what you want to hear. So, just keep bumping away until someone who has had a similar experience comes along.

#19 colorado_guy

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Posted 11 February 2012 - 05:33 PM

I've had plenty of first hand experience at this, all from a dealership perspective. My answers are not what you want to hear. So, just keep bumping away until someone who has had a similar experience comes along.

I am not buying a car from a dealership. Thank you for trying to help though

Edited by colorado_guy, 11 February 2012 - 05:47 PM.


#20 colorado_guy

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Posted 11 February 2012 - 05:43 PM

Just looking the answer to my questions. If you have been in the similar situation and can advise a particular bank/cu to work with I would really appreciate your input. Thank you again



#21 Chad3304

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Posted 15 February 2012 - 09:22 AM

If you have excellent credit, I don't understand why you don't use Penfed yourself.

#22 colorado_guy

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Posted 16 February 2012 - 09:26 PM

Personal matter. They denied my credit card request for "pyramiding" and other non-relevant reasons. Had money in my hare savings, closed everything down and not going back there again. I'm sure there should be other places who do no-hassle auto loans, right? Please share. Thank you

#23 Chad3304

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Posted 17 February 2012 - 04:35 PM

What about a local credit union?

#24 colorado_guy

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Posted 17 February 2012 - 05:24 PM

What about a local credit union?


High APR, poor customer service, to much paperwork involved. Here is the question though:




Can anyone advise any particular bank/cu where I can finance my own car hassle-free in the same way PenFed did for my GF?

Edited by colorado_guy, 17 February 2012 - 05:24 PM.





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