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Okay. Dh and I are finally getting a 2nd car. We have found an awesome deal thru a private seller. Question how does bank loans work.<br><br>
1. Do we walk into our bank and ask for a loan.<br>
2. We have good credit, so how fast for the $$ to come thru?<br>
3. Do you think they would deny us, since we just re-financed our house and have $$ in our accounts?
 

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Go into the bank and ask for help in securing money for a new purchase.<br>
Ask what your options are, line of credit, standard loan, car loan.<br>
If you meet the debt to income/assets formula then you should not be denied but it might make sense to have all of your lending products, assets, etc reviewed to give you the best deal for you with the lowest interest rates.
 

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Most car loans that I've heard of (from my bank, etc.) require the used vehicle to be less than 5 years old when it's from a private seller. You could definitely contact your bank and perhaps <a href="http://www.hsbcusa-autoloans.com/CarLoans/FrontPage.jst" target="_blank">Household Auto</a> and <a href="http://www.capitaloneautofinance.com" target="_blank">Capital One Auto Finance</a> and find out what sort of rates they are willing to give you. When I recently purchased a vehicle, I went to my bank first (Bank of America) and they said that their lowest rate was in the teens and that home equity loans were a far better choice when purchasing a vehicle.<br><br>
If you have good credit, it might be more worthwhile to purchase a new vehicle with 0% down (smaller monthly payments for the same amount of time) through a dealership. Obviously, I don't know the details of your purchase but sometimes it works out that way. Happy hunting!<br><br>
By the way, if you apply for one auto loan, you get the same ding on your credit report as if you apply for four.<br><br>
You can get info on loan rates in your area at this link:<br><a href="http://www.myfico.com/LoanCenter/?fire=2" target="_blank">http://www.myfico.com/LoanCenter/?fire=2</a><br><br>
Good luck!
 
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