Need advice on a direct loan if possible

[Anonymous]

I am looking to buy a vehicle directly from a private owner. Are there any companies out there who will loan money for this type of transaction. My scores are floating in the low high 500's to low 600's. The vehicle is $11K but I have $3K cash so I need about 8K.Thanks. 

[Anonymous]

Maybe, But your score is going to earn you a very high APR% rate and you will go upside down fast.That's if your not going to be upside for buging the car in the first place. What kind of car is it? How many miles??

[Anonymous]

Drummerboy not sure where you are getting your logic but I would like to know why you said that she will get a high rate and go upside down fast. Not saying it cant happen but without any info on what she wants to buy that would be IMPOSSIBLE to come up with. My wife and I just recently bought a car and got ALOT lower interest rate than our average score bracket because we shopped around. We to have low scores and most people with our scores get 19% or higher but we got much lower than that. So it depends on who they borrow from and what kind of car.

OP a little more info may help get an eduacted response.

[Anonymous]

The reason i say that will turn upside down fast is becuase of her fico score. At the very best she will get  around a 9.49%APR Now take her loan amount and add that 9.49% to it over lets just say 36 month. That buying price will now be way higher by the time the loan is paid off. I buy and sell cars all day long my friend and most cars are already overpriced. Now add high APR'S on top of them and are upside down. Sorry if it sounded uneduacted to you.

[Anonymous]

I am not saying it cant happen. But having also sold cars for some time I know as well how easy it is. But you are MORE LIKELY to go upside down buying from dealers. She is looking private party. USUALLY you get better deals buying private party NOT ALWAYS but maybe she has found a $20000 car that someone HAS to sell for $11K. Financing only 8K she isnt going under. Without more info there is no way to make an educated analysis either way it just seemed to me that your response was shooting her down automatically. If I took it wrong I am sorry I just thought more info was needed to make a sound decision.

[Anonymous]

Your right in a way. I'm assumeing the car is being sold private for the same reason why most people do. It's becuase you don't like the number the dealer offered you for the car. Private party will get her a better deal. Either way even if she got the car 2k cheaper then she should have most likely with a higher APR% it's going to go upside down. I didn't mean to sound like a but head or like i was shooting her down. If she gives me all the car's info i'd be willing to look up the cars wholesale price won my dealer log on. Keep in mind i have the real numbers a used/ new dealer uses. I wish her the very best price and apr she can get. Be smart and shop around like okstatefan and you should get alittle better APR. If you don't shop around you will get hit with a high APR% 9 out of 10 times.