Loans to use for pvt sales

[mr.gto]

Those who have bought vehicles here privately without paying in full out of pocket, what did you use? Any suggestions or great places to go for a small loan? IE credit unions or those uve worked with in the past that were good? Also how does it work if you take a part loan out for the vehicle if the person has a clean clear title they can sign over to you that day? How do you take the vehicle home that day and bring the title to the bank? I'm just confused.

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[Mook]

Credit loans are usually a GREAT start. I've also heard good things about http://www.eloan.com/. Never used them tho.

 

[Yaj Yak]

Consumers Credit union has done all of my stuff. Works out very well. I have only purchased private party vehicles.

 

[mr.gto]

Ok so if I went with one of these for lets say 10k. How does it work payment wise? Do they pay me and I give the full amount to the seller? How does the credit union get the title? Do I have a set amount of time to bring it to them?

 

[syP]

Penfed.org


I'm locked into 1.49%.

 

[Yaj Yak]

Ok so if I went with one of these for lets say 10k. How does it work payment wise? Do they pay me and I give the full amount to the seller? How does the credit union get the title? Do I have a set amount of time to bring it to them?

Sometimes you need to bring the title there to get the loan amount. Others not. They typically do a cashiers check for the seller. Call and talk to one. It's easy.

 

[mr.gto]

Penfed.org


I'm locked into 1.49%.

I've had 2 different sellers recommend this.

 

[mr.gto]

Sometimes you need to bring the title there to get the loan amount. Others not. They typically do a cashiers check for the seller. Call and talk to one. It's easy.

Hopefully I won't have to bring it there first. The guy is 3 hours south in mattoon Illinois.

 

[Yaj Yak]

Penfed.org


I'm locked into 1.49%.

That's awesome.

The year of the vehicle really affects the rate too.

 

[mr.gto]

That's awesome.

The year of the vehicle really affects the rate too.

It's a 2000 :/

 

[mr.gto]

Hopefully that's not a big issue

 

[Thirdgen89GTA]

Hopefully that's not a big issue

Might be.

I think most banks wont' loan on a car more than 6 years old.

When I bought my G6 in 2010 they only 2004 or newer vehicles would qualify for a loan.

 

[mr.gto]

Might be.

I think most banks wont' loan on a car more than 6 years old.

When I bought my G6 in 2010 they only 2004 or newer vehicles would qualify for a loan.

I thought pen fed would. Ill have to see I know they would do a 2001 cuz the corvette I was looking at was an 01 and was financed currently through pen fed. Ill try calling tommorow

 

[syP]

Penfed doesn't go off the year. They go of the value. Meaning, you can pull out a loan for that 67 corvette you always wanted.... Or a 93 rx7 with an ls1.

 

[mr.gto]

Penfed doesn't go off the year. They go of the value. Meaning, you can pull out a loan for that 67 corvette you always wanted.... Or a 93 rx7 with an ls1.

They take mods into effect?? I'm surprised I figured that have zero value in bank or dealer eyes

 

[mr.gto]

But if they do that is a good thing

 

[Mike K]

I go through Meadows Credit Union. They're in (you guessed it) Rolling Meadows and they are awesome. Anyone can join. My rep knows my name, knows my kids, knows my car habit and when I call I just tell her what I want, she preps the paperwork, I sign it and get a check.

I recently opened up a PenFed account because we moved to California and most credit unions will only do in state deals with private party transactions and because the 1.49% rate is pathetic-ly low.