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Started By
Message
Loan for private vehicle purchase?
Posted on 3/11/15 at 11:16 am
Posted on 3/11/15 at 11:16 am
I'd like to finance a vehicle I'll be buying from an individual. How do I go about doing that?
Everything I've seen online is for financing used through a stealership
Everything I've seen online is for financing used through a stealership
11
Posted on 3/11/15 at 11:17 am to SomeGuyFromLA
Call the bank.. 
Posted on 3/11/15 at 11:17 am to SomeGuyFromLA
Bank, credit union
Posted on 3/11/15 at 11:18 am to SomeGuyFromLA
Go see Rocco over in Little Italy he can fix you up
Posted on 3/11/15 at 11:19 am to SomeGuyFromLA
Is he willing to float the loan?
Ordinarily, the seller who is financing gets a lien on the vehicle, which is noted on the title, and holds the title.
You would sign a note and a security agreement of some sort, which the seller would record.
But this is really more of the seller's problem than yours, right?
Ordinarily, the seller who is financing gets a lien on the vehicle, which is noted on the title, and holds the title.
You would sign a note and a security agreement of some sort, which the seller would record.
But this is really more of the seller's problem than yours, right?
Posted on 3/11/15 at 11:20 am to Agforlife
Home equity line of credit for the win Alex
Posted on 3/11/15 at 11:22 am to SomeGuyFromLA
Mrs. Pimp called the bank this morning. Credit score 820---30 years of perfect credit. Bank says "between 3% and 6%". I said make some more calls.
Posted on 3/11/15 at 11:22 am to SomeGuyFromLA
"Stealership"......clever
Posted on 3/11/15 at 11:23 am to Wtodd
quote:
Home equity line of credit for the win Alex
No, no ,no
go to penfed.org, they have some great deals
Posted on 3/11/15 at 11:24 am to SomeGuyFromLA
GoFundMe
Posted on 3/11/15 at 11:28 am to Tigerpaw123
quote:
go to penfed.org, they have some great deals
This this this. Or a local credit union.
Posted on 3/11/15 at 11:41 am to Lsupimp
quote:
"between 3% and 6%". I said make some more calls
sounds like a good rate to me
Posted on 3/11/15 at 11:45 am to Lsupimp
quote:
"between 3% and 6%".
With an 820 credit score and 30 years of credit history, that rate will be no higher than 4%, IMO. And that's a great rate.
Posted on 3/11/15 at 11:46 am to Lsupimp
penfed offering 2.25 on new cars for 60 months
and 2.99 on used for 60 months
and 2.99 on used for 60 months
Posted on 3/11/15 at 11:48 am to Tigerpaw123
quote:
go to penfed.org, they have some great deals
Some of us with home equity lines of credit pay an interest under prime....I pay 1/2% under prime so there's that.
Posted on 3/11/15 at 11:51 am to Wtodd
quote:
Some of us with home equity lines of credit pay an interest under prime....I pay 1/2% under prime so there's that
and you have a second on your house for a car
is your loan variable?
Penfed's new vehicle rate is better than .5 under prime right now and used is just at .5 under
Posted on 3/11/15 at 11:53 am to Tigerpaw123
quote:
is your loan variable?
Yep
Posted on 3/11/15 at 11:54 am to Wtodd
quote:
is your loan variable?
Yep
to me that is a negative
Posted on 3/11/15 at 11:55 am to SomeGuyFromLA
Pay cash. If you don't have that much cash, then buy a vehicle that you can actually afford.
Posted on 3/11/15 at 11:56 am to SomeGuyFromLA
Why am I the first one to say this...
Trashy.
Trashy.
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