Private Party Auto Loan

[odjohnson3]

I reside in Los Angeles, CA. Iam currently trying to obtain a private party auto loan for a used vehicle I wanna purchase. Problem is, ive been having a really hard time finding a company that issues private party auto loans.

I had roadloans 9 years ago which resulted in a repo after I lost my job.

Lightstream requires a score thats over my head right now

Avant personal loans denied my request but didnt give reason

My trans union score is my highest score at 655. No negetive accounts at all but high utilization is and has been my anchor.

Experian and equifax only contain 1 negetive account each but im not sure what those scores are.

If anyone knows of any companies that i may have success wkfh...please by all means share.

Much thanks in advance

[odjohnson3]

Anyone?

[Anonymous]

Try Up2Drive. I feel like I'm paid to hawk them, but they're a great company. I also struggled to find good lenders online, especially ones for "normal" people, or those with newer credit histories. I didn't want one of the predatory, bottom-of-the-barrel lenders, but I couldn't qualify for the higher-end ones, not even from my bank. They gave me a pretty great rate, the material presentation was very professional and high quality, the customer service was fantastic, friendly, and helpful, and the website works great. It seems a little iffy because their website is a bit Web 1.0, but it's reliable and easy to navigate. I was also very pleasantly suprised about the professionalism this company displayed during the process. They didn't spam me or pressure me into anything. Just a pleasure from beginning to well, not end, since I'm only in my fourth month. But no complaints thus far. They're a bit unknown on the web, but definitely give them a try. DCU seems like a good pick also, but I don't have much experience with them. You don't have to have an account with them to get approved for an auto loan. I hope this helps.

[odjohnson3]

Thank you so much
Whats DCU?

[C7LT1]

Are you having trouble getting financed due to your credit or because the Banks/CU's don't want to deal with private salers? The advice you get will be different based on your answer to this question.

Two years ago I financed a motorcycle with USAA and I brought it from a private party. All they required was the price, VIN and

a copy of the sellers Driver License. A few days later I had a check made out to the seller and picked up the bike.

Easy as 1, 2, 3. 

[odjohnson3]

I think it could possibly be because of my lack of credit history
My oldest account is only 2 and a half years old

My credit scores are as follows
Experian 631
Trans union 658
Equifax is at a low 595

I have pretty fair credit but nothing spectacular.
I would consider a credit union but im in chexsystems for an account showing on equifax which is why the score is so low. It bank account collection only shows on equifax but the fact that the account is in chexsystems stops me from going to dam near any other credit union

[Anonymous]

Oh, yes, you may have a little more difficulty with those scores. Mine was about 720, and only those two lenders I named would touch me. Even Roadloans denied me. I applied for at least 20, including what the dealership ran me through to see if I could get a better rate (wasn't concered about inquiries because this was my final destination for the forseeable future.) I'm not sure if I can help you much.

I would recommend trying LendingTree. That's actually how I found Up2Drive. The only downside I experienced was some annoying phone calls for a couple weeks from a local shady dealership. I suppose you may be able to use a dummy phone number, or just block the caller, if you want to avoid this. But it's actually not a bad place to start if you don't mind taking multiple inquiries. Or perhaps that shady dealer had something good for me; I don't know. I had already test-driven the exact used vehicle I wanted, so I wasn't interested in any other cars.

[Turbobuick]

It's not easy to get a loan on a private party purchase. We were pre-approved at Capital One for $40K, but they will only loan on new car dealers used cars. We  were considering borrowing against the 401k being as the market was tanking for the first 6 weeks of the year anyway. We also considered HELOC, but that takes forever, but the tax perks make it tempting.

In the end, we applied at Lightstream and got a 2.49% unsecured loan okay'd in just a day with no docs except their online application. Our income isn't great, but our scores are good. Technically, we applied to buy from a dealer, but we could buy private party or just buy stock instead of a car, since there's no collateral. 

[Anonymous]

I got a loan at two years length, a year after a 180 late payment. Find your fico scores if you can, preferably eq. Credit unions are what you want.