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Established Contributor
Posts: 788
Registered: ‎01-18-2010
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Private vs Dealer

I've been considering buying a 4-5 year old Honda Accord and found a couple good ones by private sellers. I know buying from a dealer can be better for financing because they have more "juice" with lenders.

My scores are in the low to mid 600s but wonder if it's generally more difficult to get a loan when buying privately. I've also considered getting a refi type loan on my daily drive which is worth about $12-13K retail, I bought it new and paid cash so, I could use the refi $ to buy a $10K Accord

11/14/14 Total CL $1,100; 6/30/15 Total CL $170K
Established Contributor
Posts: 788
Registered: ‎01-18-2010
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Re: Private vs Dealer

No advice or opinions?

11/14/14 Total CL $1,100; 6/30/15 Total CL $170K
Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
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Re: Private vs Dealer

It is generally accepted that a private party sale costs "less" then a Dealer.

 

 

1 Some banks or credit unions allow/issue checks that you the user then use to buy your vehicle from a private party.

 

Only you know who you bank with, you can ask them. other then NFCU I do not know anyone else who issues those checks- but thats just due t me not using them

 

 

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Established Contributor
Posts: 788
Registered: ‎01-18-2010
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Re: Private vs Dealer

Even though I'm a Navy vet, not eligible. My bank doesn't do private "fill-in-the-blank" auto loans. 

11/14/14 Total CL $1,100; 6/30/15 Total CL $170K
Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
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Re: Private vs Dealer

[ Edited ]

1- Find a new bank

 

2- If possible do you have any experience with NFCU? If you were a past member you can re-open you raccount. If you retired from the navy you can become a member.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Established Contributor
Posts: 788
Registered: ‎01-18-2010
0

Re: Private vs Dealer

Thinking about joining Alliant or PenFed. Not retired Navy and not sure NFCU existed when I was active duty ;-/

11/14/14 Total CL $1,100; 6/30/15 Total CL $170K
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