Hi all, I am at the end of my 2018 Hyundai Tucson lease and have an option to purchase the car which I am greatly leaning towards because of the current car market.
Can anyone help recommending a bank where I could get a car loan directly from the bank to finance my purchase? I was doing my own research but the sources I find are all where I must go through a dealership to get a loan (Capital One, Chase, etc…). Per Hyundai I can buy out my lease directly without involving their dealership. They just want a check for the buy out amount.
Hyundai motor finance offers car loan through a dealership as well.
My other option is to take out a personal loan from my own bank but the interest on that loan starts at around 7%.
Location: NY
Credit history: good.
Thanks
Most banks and credit unions offer used car loans. 7% for a personal loan on a car is ridiculous.
You should be able to get a loan in the 2-4% range.
Taking a personal loan to finance a used car purchase is a terrible idea.
As stated, there are banks that offer used car loans. Check out some credit unions such as DCU: https://www.dcu.org.
@wantingadeal @Bluemkn57cars - thanks. The banks do offer car loans but they require you to go through and sign up at dealerships. I never signed a car loan at dealerships but heard that dealerships add documentations fees and make other additions. I will check credit unions.
That is not true. You can apply for a car loan on DCU’s website. Once approved, you should be able to cut a check to Hyundai Financial for your payoff amount + any applicable taxes and fees.
Like @Bluemkn57cars said. You should be able to handle all of this without going to the dealership.
thank you - I will check DCU website
