Does anyone know why Bank of America won’t finance an auto loan for an independent used car dealer?

braveslady08 asked:

I applied for an auto loan and was approved, but once I sent in my purchase agreement my loan rep said that they would only finance auto loans for franchise dealers – no independent used car dealers. I know the car and the dealership are fine. I have the carfax report on the car and I’ve had a mechanic take a look at it. Frustrated!

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8 Responses to Does anyone know why Bank of America won’t finance an auto loan for an independent used car dealer?
  1. Brandon
    October 10, 2009 | 11:08 am

    Looking for a refinance auto loan?

    I don’t know but you can try a local dredit union they may be able to finance it for you.

  2. Mike P
    October 13, 2009 | 9:54 pm

    Get a great rate on an auto loan now!

    They are a big company, trying to kill the little guy. they for some reason, cannot guarantee that they will get there money from the dealership or whatever, and they dont like it. they prefer new car deals

  3. jay
    October 13, 2009 | 11:51 pm

    Find the best rates on auto loans

    They are just protecting themselves. I myself would only buy from a franchised dealer.

  4. mike c
    October 16, 2009 | 9:15 am

    Checkout low interest auto loans

    They only deal with franchised or VERY large and very stable used car dealers. They get enough repo’s from the franchise stores without going out and looking for trouble. You may have found the one true Diamond, but the odds are that most independents will burn them more times than not, and that is what the bank is playing is the odds.
    edit: I really don’t know if this gets read or not but if the dealer is all that straight he must know a new car dealer and should be able to “sell the deal” to them so that you buy the car from a new car store problem solved

  5. Cassidy B
    October 17, 2009 | 3:17 pm

    Apply for an auto loan now

    It can really save you time to just get an auto loan price online to see what todays rates are. You might be really suprised. Also if your credit is not good, a lot of online loaners are more willing to help people.

    What I always tell friends is that an online quote at is the way to go.

  6. Raphael
    October 17, 2009 | 10:04 pm

    Auto loans – make them bid on YOU!

    Finding a bad credit auto lender take a little bit of work to find the right one. When looking to buy a new or used car, the dealer may offer bad credit financing, or refer you to a lender. Car buyers should consider arranging their own financing. Bad credit auto loans are simple yet complicated and some lenders will try to takelenders see you as a risk and will start charging higher interest rates in order to offset the risk.At this point your only options are to seek a bad credit lender or get to work on fixing your credit score. There are a number of quick things to do to improve your credit rating and get the loan you need at the rate you want.

  7. CYNTHIA J
    October 19, 2009 | 2:21 pm

    Research Competitive Auto Loans Here

    YOu are not the only one who met this problem,I have met this type of problem before.I have good experience here to solve my similiar problem.http://car-loan.free-deal.info/free-approval.htm

  8. Gary H
    October 20, 2009 | 3:16 am

    Auto loan payment calculator

    It doesn’t matter. They were gonna **** you on the interest, anyway. The best car loan to get is the one you get yourself. Get a pre-approved loan. A car dealership will chew you up and spit you out if you just waltz in there, expecting a decent rate. Try looking through the different loan offers here. It’ll give you an idea about what’s out there and available to you.

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