Private Party Auto Loan

[ASUCHRIS]

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]

I've used my credit union.

 

[bankybruce]

Go credit union if you can.

 

[LVG]

I've used my credit union.

Go credit union if you can.

+1

 

[Zeno]

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]

+1

+2

 

[Brian in Mesa]

Just get a car/truck you can actually afford.

 

[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.

 

[LVG]

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]

@ $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]

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]

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]

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]

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]

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

 

[ASUCHRIS]

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

Hmm...I went the CU route, and was very happy. Are you seeing lower elsewhere?

 

[BigRedRage]

according to bankrate.com and more BofA and Chase are under 3% on used and CU are around 8% on used ?

The more I learnt he more lost I seem to be getting.