In need of some auto loan advice please

[FrugalRican]

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@Gvalencia wrote:

It's a private owner...

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Apologies, apparently my reading comprehension skills are not on par today.

In this case, I truly don't know. Most banks are REALLY picky when it comes to private owners. I'm vastly inexperienced when it comes to financing for private owner purchases.

I'd ask about personal loans at that point.

[Anonymous]

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@Gvalencia wrote:

It's a private owner...

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If I had to guess, I don't know if an auto loan would be likely then.  There are a couple problems here.  Obviously the previously discussed high mileage is one.  Also, it is very difficult to get an auto loan for so much more than the Blue Book value of the vehicle.  The reason is that you would immediately be upside down on the vehicle.  I would say a personal loan is about your only option in this case, and as FR said, it is just tough to get one for that amount.  Like he also said though, definitely ask around, especially with any bank(s) you already have a relationship with.  Good luck.

[Gvalencia]

I can have 2k in 1wk.

[Gvalencia]

Thank you sir

[HoldingOntoHope]

If your credit report is cleaned up then you may want to look into one of the peer-per lending sites (Prosper or Lending Club) for a personal loan. I don't believe either one is going to approve you for the full value of the car but you can get a majority of it and put the rest down in cash or a loan from another source (The Bank of Mom & Dad

I suggest the peer-peer lending because without an established relationship and a solid credit history a personal loan from a financial institution is going to come at a really high price. And with the hurdles of vehicle mileage / age / and private seller it seems as if an auto loan is going to be a major challenge. You may be surprised by the peer-peer option. I went through Prosper and although I would consider myself less than prime I was an A rated borrower and got a very reasonable rate for a personal loan.

[Gvalencia]

Good to know. Thank you very much!

[Anonymous]

Check these guys out.

http://www.blueyield.com/

TBC

[Gvalencia]

Thank you. I'll give them a shot