question - car loans

brpn

New Member
Joined
Oct 24, 2006
Location
Western NC Blue Ridge Parkway
Well.. i think i found a 98 wrangler.. its in good condition.. i had my brother go test drive it since it was near Charlotte.. My bro talked to the guy and I think he will take around 6k for it.. right now I dont have 6k laying around.. how would i go about getting a car loan for a used vehicle person-to-person? any ideas? any recommendations? thanks in advance..
 
Go to your bank, credit union, tell them what you are buying, and apply for a loan. Most times you can do this over the phone. Be ready to tell them all about it-like what options it has, so they can figure loan value. Some banks will want to see it, some won't. Just make sure the seller has a title. If he does not (maybe he has a loan and his bank has it) both banks will work it out. It's no big deal, just talk to your banker, they have delt with it before.
 
just FYI, since the vehicle is 8 years old, the bank may be a stickler about how many years you can stretch the loan over, interest rates, and so on. AKA, don't expect a 5 year loan, hahaha.
 
Chris's other half here:

When you come in to talk to a loan officer, it goes much faster and smoother for all parties involved if you have as much info as possible when you come in. VIN #, recent paystub, auto insurance info are all required when we do a loan for a credit union member. If you have all this upfront, then all the seller has to do it come in, show us the collateral (jeep), sign the title over and pick up his check. Is a little more complicated if they don't have the title, but still not too painful. Good luck!
 
Try a credit union before a bank. CU's generally have much better rates than banks or even (God forbid) dealerships. Find your own financing and do not use a dealership if it is even a dealership selling it.
 
Back
Top