Financing a private party, older, used car?

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Dan Shaw
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Financing a private party, older, used car?

Postby Dan Shaw » Sun Feb 28, 2016 12:11 am

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. :)
--TBD--...muahahaha
#427 ???

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Quoc-Viet Dang
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Re: Financing a private party, older, used car?

Postby Quoc-Viet Dang » Sun Feb 28, 2016 1:26 am

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.

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

Postby Craig Naylor » Sun Feb 28, 2016 10:33 am

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.

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

Postby Dan Shaw » Sun Feb 28, 2016 9:07 pm

Hmm...Good to know. In my case that doesn't apply but still worth it to know later. :) Any other CUs?
--TBD--...muahahaha
#427 ???

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

Postby Stephen Strand » Mon Feb 29, 2016 2:40 pm

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

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

Postby Dan Shaw » Mon Feb 29, 2016 3:32 pm

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!
--TBD--...muahahaha
#427 ???


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