Direct Auto Loan from Bank - Lease Buy Out - Hyundai

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.


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.

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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:

@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.

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Like @Bluemkn57cars said. You should be able to handle all of this without going to the dealership.

thank you - I will check DCU website

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