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

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!

Does anyone know why Bank of America won't finance an auto loan for an independent used car dealer?
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
Reply:It doesn't matter. They were gonna rape 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.





http://www.loan-com.info/auto-loans.html
Reply: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 http://auto.lowratetoday.com is the way to go.
Reply: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
Reply: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-appr...
Reply:I don't know but you can try a local dredit union they may be able to finance it for you.
Reply:They are just protecting themselves. I myself would only buy from a franchised dealer.
Reply: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 take%26lt;!--advantage of you. It helps to know your available options.Before applying for a car loan, try to get a copy of your personal credit report. Lenders base approval on your credit score and credit history. Some lenders classify sub prime borrowers as persons with scores below say 700. On the other hand, another lender may qualify a borrower with the same score for prime rates.





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Unless you have a 700 or higher credit score, it might be a good idea to look at your credit report and see what you can do to improve your credit score. A 700 score will get you the best rates at the best loan terms. Any credit score higher will not change what a lender can offer you, since you will already qualify for the best loan deal. Where you will start having trouble is if you fall below a credit score of 700. When you fall below--%26gt;lenders 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.