Private individual auto finance

[LuvsRetro]

We came across a 2005 jeep from a private individual and currently trying to find out how someone goes about getting financing for private auto purchases.  I did some surfing but only came up with deadends.  They were saying preapproval for dealerships only. 

Any advice!!

[Anonymous]

Capital One has "Person to Person Used Car Loans" available. I'm going to apply next week myself for dealership used car loan. Let me know how it works if you try them out?

[LuvsRetro]

Well, I will let you apply first, I am not Capital One friendly.   But, that is really good to know.  Please post back the stats on that.

The jeep is probably sold by now, but, we are currently looking.   Thought maybe cash in hand would help.

[Boswd]

Can't you go to your bank and get a loan for the car?   Most personal loan applications will have a "purpose of loan" and auto is normally there.

[y0rascal]

I DID THIS WITH MY TRUCK... JUST GO TO YOUR BANK BUT I DO RECOMMEND YOUR LOCAL CREDIT UNION FIRST.  JUST GO AN APPLY FOR A AUTO LOAN THEY WILL ONLY ASK YOU IF IT IS FOR A NEW OR USED VEHICLE.  JUST WHEN YOU DO PURCHASE THE VEHICLE YOU WILL NEED THE OWNER OF THE OTHER VEHICLE TO PROVIDE A BILL OF SALE AND SIGN SOME PAPERS FOR THE BANK I THOUGHT IT WOULD BE HARD BUT WAS ACTUALLY SUPER EASY TOOK 30 MINS TO DO AFTER I WAS PREAPPROVED FOR THE LOAN SO GET PREAPPROVED AND THEN GO SHOPPING... THIS OPTION YOU CAN USE TOWARD YOUR ADVANTAGE AND JUST TELL THE PRIVATE OWNER OR STEALERSHIP WHAT YOU WANT TO PAY THAT YOU HAVE MONEY IN HAND AND USUALLY TAKES 30 MINUTES FOR YOUR BANK TO PROVIDE A CHECK.

[LuvsRetro]

My bank is a small local bank only and they don't do anything like, they would do an equity - not what I wanted.

But, I will check my credit union, that may be the solution.  Thanks for the info!!

But, still keep me posted on the Cap One thing.

[Takunda1]

I just started wworking for Cap 1 Auto and we do proved Person to person loans. Just apply online and you'll get a decison in seconds, depending on your CR. From what I've realized at work they mostly pull EQ. Once approved you'll get a blank check in via Fedex sent to you within 24hrs.

Again depending on your credit there may be certain stipulations you may have to meet.

Good Luck.

[LuvsRetro]

Hi Takunda:

Do you know what the average score range is for approvals?

What about a chargeoff in 2002?

Maybe some criteria hints.   

[Anonymous]

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teamfico wrote:

Hi Takunda:

Do you know what the average score range is for approvals?

What about a chargeoff in 2002?

Maybe some criteria hints.   

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You stated earlier that your not "Cap One friendly". You have to have any Cap One accounts in good standing to be approved. I'd pass on this to save the unnecessary inquiry & ding to your credit reports. 

[Takunda1]

there are different tiers for the people we lend to.  Super prime 800+, Prime 700+, The people between 620 & 700 are in the middle of subprime and prime and those applications are decided based on a case by case basis based on what else is on the CR. anything 620 & below is called subprime. If you are going to apply for an auto loan I'd say try a couple of places for the best rate. YOu have fourteen days to have all your auto inquiries done, & all that just counts as one inq according to Fico.