New Visitor
Posts: 1
Registered: ‎06-30-2013

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
Posts: 747
Registered: ‎10-15-2012

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: EQ04 675 EX04 702 TU08 724
Goal Score: 700+

Amex BCP $12300 | PSECU $10000 | Discover IT $9250 | Barclay Ring $6500 | Citi DC $6100 | DCU $5000 | Chase Freedom $4000 | PayPal Extras MC $3000 | US Airways $2400 | Cap 1 QS One $2000 | Cap 1 Platinum $1700 | Union Plus $1000 | Target $200
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.