[masraum]

Originally Posted by ben parrish

find the car...negotiate a price...have the seller meet you at the credit union and give him cash instead of the check.
Done this on a few purchases and also when selling cars.

Navy Federal Credit Union, closest one is over 200 miles away.

Originally Posted by bell

Can you take out a personal loan with the credit union? Then pay with cash? I did this once years ago, we then re-wrote the loan using the car as the collateral, if you have your savings $$ as the collateral they probably wouldn't think twice about it, just make sure you don't get screwed over with the intrest when they rewrite it......

I can get a personal (signature) loan at 11.25% for 36mos. Loan secured with savings at 2%, car loan for 36 months 2% or 60 months at 4%. I don't think they'd let me rewrite a personal loan as a car loan.

Either way, the whole thing will be payed off in 1-1.5 years (would be sooner but we're also paying off credit cards. Everything should be gone in 1.5years, would be gone sooner, but wife isn't making income since Feb.

I think we'll get the signature loan. With the signature loan, I think they'll just put the money in my account so I can pay cash.

Also, I'll be selling my existing car, and any cash left over will go back into the loan, so the loan should pay off even faster.