getting a loan for a used car (pvt seller)
10-03-2004, 03:16 PM
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getting a loan for a used car (pvt seller)
does anyone here happen to know what the easiest way to go about getting a loan to buy a car from a pvt seller. im really trying to stay away from buying something from a used car dealership, simply to save myself the trouble of getting assraped with interest. what are some of the qualifications as far as income, etc.. any help is appreciated.
10-03-2004, 03:28 PM
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Re: getting a loan for a used car (pvt seller)
Same exact way you get a loan for a new or used dealer car. Goto your credit union (notice I didnt' say bank, banks are shitty.) and apply. Bring in a paystub and your ID and get preapproved
If the cars older than 2000 nowadays, most banks will only give you a 3 year old asopposed to 5-6. Which of course makes a huge difference in the price per month, but you pay it off more quickly. I have 3yrs on my Cobra
If you have no credit, goodluck. My first loan was for $2k and was 18%. I could go buy any 2000+ car right now for either 4.5% or 0.9 or something %.. So pay attention to that too.
If I bought a brand new car, for about $25k, with a 5-6 year loan, i'd be paying less than what I'm paying a month for my cobra.
If the cars older than 2000 nowadays, most banks will only give you a 3 year old asopposed to 5-6. Which of course makes a huge difference in the price per month, but you pay it off more quickly. I have 3yrs on my Cobra
If you have no credit, goodluck. My first loan was for $2k and was 18%. I could go buy any 2000+ car right now for either 4.5% or 0.9 or something %.. So pay attention to that too.
If I bought a brand new car, for about $25k, with a 5-6 year loan, i'd be paying less than what I'm paying a month for my cobra.
10-03-2004, 03:56 PM
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Re: getting a loan for a used car (pvt seller)
Talk to your bank, they do this all the time. They'll take you through the process and answer all of your questions. Unless they suck and really don't want your business..
As a side note, ask them if they give special rates for direct withdrawal (automatic payment), my bank offered me almost a full percent lower on my loan if I did that and 2 other really trivial things that I don't remember any more relating to my account.
As a side note, ask them if they give special rates for direct withdrawal (automatic payment), my bank offered me almost a full percent lower on my loan if I did that and 2 other really trivial things that I don't remember any more relating to my account.
10-03-2004, 04:22 PM
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Re: getting a loan for a used car (pvt seller)
I just took out a loan from Langley Federal Credit Union. With my credit (preferred), they gave me $7000 @ 4.5% for 48 months (or $7000 @ 4.99% for 60 months)
This only applies for cars 1999+ though. Anything older it will range from 8.74%-upwards or 18%, depending on your beacon score and income.
EDIT: Also, to do this, they need collateral. They usually use the title of the loan...which puts a lien on your title.
I don't have a car yet, so I had to take out a signature loan, now buy a car, and take out the above loan to pay that signature off. Complicated, but that's how it work.
This only applies for cars 1999+ though. Anything older it will range from 8.74%-upwards or 18%, depending on your beacon score and income.
EDIT: Also, to do this, they need collateral. They usually use the title of the loan...which puts a lien on your title.
I don't have a car yet, so I had to take out a signature loan, now buy a car, and take out the above loan to pay that signature off. Complicated, but that's how it work.
Last edited by Black Z-24; 10-03-2004 at 04:29 PM.
10-03-2004, 05:40 PM
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Re: getting a loan for a used car (pvt seller)
I got my loan from www.capitaloneautofinance.com and got a pretty good rate for a used car from a private seller.
10-04-2004, 12:37 PM
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Re: getting a loan for a used car (pvt seller)
Originally Posted by Black Z-24
I just took out a loan from Langley Federal Credit Union. With my credit (preferred), they gave me $7000 @ 4.5% for 48 months (or $7000 @ 4.99% for 60 months)
This only applies for cars 1999+ though. Anything older it will range from 8.74%-upwards or 18%, depending on your beacon score and income.
EDIT: Also, to do this, they need collateral. They usually use the title of the loan...which puts a lien on your title.
This only applies for cars 1999+ though. Anything older it will range from 8.74%-upwards or 18%, depending on your beacon score and income.
EDIT: Also, to do this, they need collateral. They usually use the title of the loan...which puts a lien on your title.
10-04-2004, 01:50 PM
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Re: getting a loan for a used car (pvt seller)
the car im looking at buying is a 92-95 coupe for 3000-3500. my credit, well, i have little to none. you say credit unions are usually easier to get a loan with? i have an account at lfcu and wachovia, however i havent used the langley account in almost 2 yrs (it might be closed, i dont know). the car im looking at buying is from a friend. would it help if i could convince him to give me the title to the car to use at collateral? other problem im looking at facing is i just recently started my new job and have been unemployed for a few months before that.