Stupid Auto Loan Question

[Don]

I've both sold and bought vehicles through a private individual that was financed through a credit union. Shouldn't be a problem. If you have good credit and the car's value is within their guidelines, why would they care who they are cutting the check to?

[Neal]

I've both sold and bought vehicles through a private individual that was financed through a credit union. Shouldn't be a problem. If you have good credit and the car's value is within their guidelines, why would they care who they are cutting the check to?

Because they go by a general guide. An older car means more miles, more miles means more $$ for maintenance. If the person can't afford the maintenance who's to stop them from paying the note. All these factors add up which is why they have teh 5-7-10 year old car rule. With a dealership it's possibly avoidable though I tried it back when I wanted a '02 Trans Am-WS6 and this was in 2011. They wouldn't budge on the 5 year limit. I had even banked with this company for years and years prior. They care because this could be a loss of profit for them if the person didn't want to finish paying the note. They don't have a value guideline either btw.

[Don]

Credit unions are a little more flexible. Guess my experience is a little different than yours. Kevinb, I'd go ahead and apply. All they can say is no.