Reply
New Visitor
90210
Posts: 1
Registered: ‎06-30-2013
0

Private sale loan? Should I try used car or unsecured?

[ Edited ]
Basically I'm in a bind. I need a new car but I lack the funds (aside from $1500 I have saved but that isn't getting me anywhere). I found a nice private sale vehicle (2006 honda element) but ill need to take $5000 out to get it. Now my question is should I pursue a used car loan or an unsecured loan from my credit union? I'll able to pay off this money in less than a year by putting all of my financial aid refunds and tax return towards it. I have a experian of 717, and I was told a few days ago that is the score theirs credit unions pull. However, I'm a college student with a two year credit history so that works against me. What should I apply for? And how long does it usually take to be approved?

Edit: I make $2250 gross monthly, I have $2000 credit available between 3 cards (capital one, VS, & discover) on which i pay the monthly invoice total, and no debt aside from $85xx in student loans.
Established Contributor
Simply827
Posts: 742
Registered: ‎10-15-2012
0

Re: Private sale loan? Should I try used car or unsecured?

Some lenders offer private sale loans, I belive Chase does. But you will likely need to finance at least $7500. The interest rate on an auto loan will be much lower than for a personal loan.


Starting Score: 515
Current Score: EQ 689 EX 703 TU 707
Goal Score: 700+

PSECU $10000 | Discover IT $9250 | Barclay Ring $6500 | DCU $5000 | Citi DC $4600 | Amex BCP $4100 | Chase Freedom $4000 | PayPal Extras MC $3000 | US Airways $2000 | Cap 1 Platinum $1700 | Cap 1 QS One $1500 | Union Plus $1000 | Target $200

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}