Private Party Auto Loan

ASUCHRIS · October 16th, 2009, 11:40 AM

Hate to keep bugging people regarding car buying issues, but think I'm close to making a move. Anyone have a good lead/know a good company to get a private party auto loan? I think I've found the vehicle I want, just need to line up the financing.

cardncubfan · October 16th, 2009, 12:09 PM

I've used my credit union.

bankybruce · October 16th, 2009, 01:23 PM

Go credit union if you can.

LVG · October 16th, 2009, 02:47 PM

Quote:

Originally Posted by cardncubfan

I've used my credit union.

Quote:

Originally Posted by bankybruce

Go credit union if you can.

+1

Zeno · October 16th, 2009, 05:38 PM

My new car is on order and being built right now so I am keeping track of the rates, so
I've actually been looking and shopping around recently. The dealership has some ridiculous 7+% rates so no way I am going through them.

Bank Of America has 3.74% on Auto Loan rates right now...best I could find from a major lender. They were just at 4.10% a week ago. You can apply online and the loan quoted is good for 30 days. Thats for new vehicles though, not sure what they are at for used or private party sales though. Google Bank Of America Auto Loans and you can get rates for what you are looking for.

Linderbee · October 16th, 2009, 10:04 PM

Quote:

Originally Posted by LVG

+1

+2

Brian in Mesa · October 16th, 2009, 10:05 PM

Just get a car/truck you can actually afford.

Zeno · October 19th, 2009, 03:14 PM

Bank Of America raised their rates in a matter of days, not by a lot from 3.74% to 3.94% I applied for my loan and for some reason wasn't in the super squeky clean credit category and got 4.17% not sure what the $$ difference of .23% over a 5 yr loan is but I doubt its much.

LVG · October 19th, 2009, 03:26 PM

Quote:

Originally Posted by Zeno

Bank Of America raised their rates in a matter of days, not by a lot from 3.74% to 3.94% I applied for my loan and for some reason wasn't in the super squeky clean credit category and got 4.17% not sure what the $$ difference of .23% over a 5 yr loan is but I doubt its much.

@ $20,000 - $2.33 / MO or $139.80 over 5 years.

@ $30,000 - $2.98 / MO or $178.80 over 5 years.

@ $40,000 - $3.97 / MO or $238.20 over 5 years.

Zeno · October 19th, 2009, 03:57 PM

Quote:

Originally Posted by LVG

@ $20,000 - $2.33 / MO or $139.80 over 5 years.

@ $30,000 - $2.98 / MO or $178.80 over 5 years.

@ $40,000 - $3.97 / MO or $238.20 over 5 years.

Thanks for doing the math for me--not a big deal. I am sure I will have my car paid off early, I am financing around 20K after my downpayment & trade in, I applied for 25K, until the car is delivered and we negotiate a final price( taxes & title) I am not sure the exact amount I will finance, it'll be less than 25K though.

RonF · October 21st, 2009, 08:21 AM

Remember, a car is not an investment and I would encourage you to buy a used car that you can pay cash for. Brian is right, buy a car/truck that you can afford.

Zeno · October 21st, 2009, 01:16 PM

Quote:

Originally Posted by RonF

Remember, a car is not an investment and I would encourage you to buy a used car that you can pay cash for. Brian is right, buy a car/truck that you can afford.

I look at my car as a luxury item not as an investment...I doubt I buy used ever again--unless its a 3rd vehicle, I like having a new car's warranty.

I'm buying the Challenger because I like it, I like the look, the feel and the ride. I always pay my cars off early, the one I am trading in I had paid off over a year and a half early but I also don't have an extra $30K+ laying around to pay in cash so financing is a viable option for me, I have a secure steady income and there are a few luxuries I like.

jw7 · October 21st, 2009, 07:17 PM

Quote:

Originally Posted by Zeno

I look at my car as a luxury item not as an investment...I doubt I buy used ever again--unless its a 3rd vehicle, I like having a new car's warranty.

I'm buying the Challenger because I like it, I like the look, the feel and the ride. I always pay my cars off early, the one I am trading in I had paid off over a year and a half early but I also don't have an extra $30K+ laying around to pay in cash so financing is a viable option for me, I have a secure steady income and there are a few luxuries I like.

I have no problem with that - and interest rates are low. I mean so long as you are not suffering under consumer debt and saving for retirement, not at risk for losing your job, etc.. that really is not a lot of money for a luxury that you will spend 10-20 hrs a week in. Just so long as you recognize it is a luxury and an expense.

TJ · October 21st, 2009, 10:10 PM

I have to agree with the Credit Union. They will take care of you with great rates and easy payment options. I only have $5.00 in my Credit Union account and I always get ads for 3.5% APR for both new and used vehicles

BigRedRage · April 17th, 2012, 09:43 AM

CU rates seem very high to me right now on every website I look up...