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Guy in town has several 06' to 08' Prius's for sale he bought at auction with his dealer liscense. I'm thinking about buying one but don't know where to get the best financing. I'm a suntrust customer and they have some decent rates right now. I read on Chase site they do private party loans. I'm also thininking about joining a credit union like Penfed. And how about the popular road 2 drive?
Who offers competative private party loans?
What are their stipulations on miladge and age?
I've been rebuilding for a couple years and my score is probably 700-740 but I haven't bought a score lately. Haven't had an auto loan in 15 years.
EDIT: I'm doing some digging around and found Chase will do private party loans for a car 5 years or newer and with 75k or less miles. Up 2 Drive doesn't do private party loans. Wells Fargo does private party loans but I can't find any milage or age info on their site. Same for Suntrust. BofA can go get stuffed I'm not using them.
Chase or credit unions from what I've heard. Not sure on Wells.
I've actually been sort of surprised at how many banks offer this loan type, I'm sure there are more than the above list out there... but literally everything will depend on the lender and you're likely going to have to do your own legwork. Think I've seen all of one or maybe two private party requests here in the past six months, it just isn't common on these forums seemingly.
feel sorry for you....a bunch of views yet not really too many responses, google wells fargo private party auto loans... you may get a higher apr than you want...if you belong to a credit union I would stop in and tslk to a banker there...
It's ok I'm bushwacking my way through the woods
I'm thinking about a credit union but at the end of the day I'd like the deal to be simple and fast from a well reviewed bank regardless of if the points are slightly higher. Sometimes when your buying a ride time is of the essence and I can't wait two weeks for a slow credit union to finish their process to save myself 2 points and loose the deal I was working. I like the blank check kind of deals if I can find a lender that would do that with their mileage and age limits.
Here's some info and reviews I found:
http://auto-loan-service-review.toptenreviews.com/
right now US Bank looks good with private party loans for vehicles up to 9 years old or 100,000 miles for as low as 2.99%
http://www.usbank.com/loans-lines/auto-loans/used-car-loan.html
Don't know about YOUR CU, but MY CU can generally give me an approval or denial same day or next...
If it were me, I'd talk to them.
@tcbofade wrote:Don't know about YOUR CU, but MY CU can generally give me an approval or denial same day or next...
If it were me, I'd talk to them.
Mine too. Auto loans at most CU's are lighting fast IME same day approval.
Banks take longer than CU's IME.
Also their underwriting criteria is much more loose depending upon the CU.
They will accept generally lower scores.