Financing a private party, older, used car?

Read at your own risk.

Moderator: Mike Simanyi

Post Reply
User avatar
Dan Shaw
Posts: 278
Joined: Thu May 15, 2008 11:26 am
Car#: 427
Location: Silicon Valley

Financing a private party, older, used car?

Post by Dan Shaw »

Hi all,

Got word back from the tax man and I'm in the market (finally!) for a car to start running this year. Today marked the first day of prepping my current car to sell and doing research/test drives in earnest. Looking at AP2 S2ks and C5 Corvettes. Given those cars, finding a good one means it most likely will be:

-- at least 9 years old
-- in the region of 20k.
-- Potentially far away from where I live, enough that I would fly in and drive back.

I do have a sizable chunk set aside for this, but it still means getting a loan to purchase the car; given the age, most likely purchasing from a private party.

As a group that often buys/sells cars for the sport, does anyone have a recommended way of getting something like this financed, or a lead on a good credit union? Checked State Farm on one car just for giggles and they didn't even come close, haven't tried my bank but after my last go around not sure I want to do that again (Chase). Was a bit of a headache.

Thanks in advance for the help! Looking forward to getting back at it again. :)
2017 MX-5 - #427 ???
User avatar
Q V
Solo Safety Steward
Posts: 1398
Joined: Thu May 15, 2008 11:26 am
Club: SCNAX
Car#: 69
Location: Orange County, CA

Re: Financing a private party, older, used car?

Post by Q V »

I <3 Schools First Credit Union, but you'd have to be a student/staff/faculty at a school or have an immediate family member in one. Most credit unions have the same rates, though, so you can't really go wrong.
User avatar
Craig Naylor
Posts: 1973
Joined: Thu May 15, 2008 11:30 am
Club: SCNAX
Car#: 80
Location: Long Beach

Re: Financing a private party, older, used car?

Post by Craig Naylor »

Ditto the Schools First FCU comment. Easy peasy. Was in and out in less than 1/2 hour, blank check in hand to go negotiate w/ seller.

Just bought a '05 Subi P/U w/ a loan through them @ 1.61%

They will finance up to:
100% of KBB + Tax & lic for in state cars
100% KKB for out of state cars.
However they will rewrite the loan for no additional cost once you have the car back here & reg with proof of CA tax & lic... if you wish.

If your traveling out of state, they can issue a blank convenience check for you to use, in-case your still negotiating.

You can join Schools First CFCU if:
You, your spouse, children, parents (including in-laws), siblings, grand parents/children are employees of a school district anywhere in LA, Riverside, San Bernardino, Orange, San Diego or Imperial counties.
User avatar
Dan Shaw
Posts: 278
Joined: Thu May 15, 2008 11:26 am
Car#: 427
Location: Silicon Valley

Re: Financing a private party, older, used car?

Post by Dan Shaw »

Hmm...Good to know. In my case that doesn't apply but still worth it to know later. :) Any other CUs?
2017 MX-5 - #427 ???
User avatar
Stephen Strand
Posts: 71
Joined: Mon May 05, 2014 8:33 am
Club: CASOC
Car#: 519
Location: Long Beach, CA
Contact:

Re: Financing a private party, older, used car?

Post by Stephen Strand »

I use Wescom Credit Union here in So Cal. They have been great, the only down side is that on their website they only list back to 2007 model year for used auto loans. I'm not sure if they refuse to help you purchase cars older than that, you would have to check.

When I lived in Nor Cal I used The Golden 1 Credit Union. They do have a branch in Los Angeles and you can also use other credit unions as a network to deposit and withdraw funds. For example I would use LBS Financial Credit Union locations to make transactions. They might be an option as I don't believe they have year requirements on used cars.
Mediocre driver. #519 Focus ST. Lead mod for www.reddit.com/r/rallycross
User avatar
Dan Shaw
Posts: 278
Joined: Thu May 15, 2008 11:26 am
Car#: 427
Location: Silicon Valley

Re: Financing a private party, older, used car?

Post by Dan Shaw »

Stephen, I had spoken with Anthony Porta about them as well, I looked into them and saw that same year limitation. Ended up passing on that one because of it.

Thank you to everyone who responded! I really appreciate the feedback,and it's good to know these resources for later in case someone else needs to k now. I ended up going through Wells Fargo. After Working out the pick up logistics I should have it home this next weekend. :) Will post more once I can take it to an event!
2017 MX-5 - #427 ???
Post Reply