Financing?

Just to be clear, that is NOT true. No VIN or title required with LS.
Alden

 

Ok thats great you can borrow money dirt cheap and not even buy a car - i love it. 100k max loan?


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sorta like my old JPM non purpose loan.... wink wink use it for whatever

 

Sounds like a Tony Soprano loan.

 

Tony's loans are 20% per month and the past due payment penalties are broken bones.

Not cheap by any standard, lol!
Alden

 

lol exactly

 

It depends on your credit.....if you have great credit they do not require securing
the vehicle, if not great they still loan you the $ but they secure and hold title.
The loan still shows as a vehicle loan on your credit report, this is key as you do
not want it to show as a personal loan.

I used them and as other said, easy as pie, money transferred into my bank
account in 2 days.

 

Same here but I came to my senses and bought a cheaper car for cash. I havent had to finance a fun car in years and couldnt pull the trigger on a loan.

But yes, Lightstream will give you the money at 1.9% and not ask for the title if you have good credit/job/debt-income etc. They will ask you to sign a form saying you will use the funds to purchase a car. Super easy process, all online.

 

The banking regulations on consumer loans are extensive and banking regulators are all over any irregularities such that it is not worth it for any bank to thumb their nose at the regulations for some piddley little consumer loan. No banker wants to have any loan violations on any loan it is just not worth the hassle with the FDIC or OCC - really on fun.

 

Then it is not a consumer car loan either a personal loan or a line of credit. Usually your credit must be pretty strong for PL or LOC loan otherwise banks want an asset secured.

 

right thats my point - they get the joke. as long as you make the monthly payments they dont care what you do with the money. Penfed sounds more like a real auto loan.

 

Usually with unsecured personal loans or lines of credit the rates are much higher than secured auto loans rates. The lender must classify the loan some way and then must conform their rates and loan covents so the regulators do not find unfair or discriminatory lending practices. If the regulators find these types of situations the loans may be classified and materially effect the banks "camel" rating which is a big deal to the bank and the regulators.

So yes the lender does care that the money is used within the terms of loan agreements and the lendor has charged the appropriate rate for that type of loan so they are not guilty of discrimatory lending practices.

 

I was just giving my personal experience with LightStream. Yes I have good credit etc. They sell Auto loans. If you meet a certain threshold its an Unsecured auto loan. Nothing shady.

 

They likely call the loans - auto loans (not Personal loans or Line of credit) and take the auto as security in the loan documents but fail to record the title with the DMV if the credit is good, my best quess. Not really shady just sloppy procedures.

 

But seems like for loan amounts over $100K, there is Woodside and that's it?

 

At mid 90s I went with Gateway One for 4.99% over 5yrs