04-26-2011, 05:09 PM | #1 |
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How do people usually purchase a car from a private seller?
Especially if the car is an older model, most of the banks do not offer a loan. The only option is a personal loan (but the rate are high on those)
I am wondering how do people normally take out a loan or what kind of loan they take out or do u pay out of your own pocket?
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04-26-2011, 05:16 PM | #2 |
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I got one from my credit union(auto loan, not personal), they gave me a cashiers check and I brought back the title to them.
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04-26-2011, 05:18 PM | #3 |
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what are you trying to buy?
usually use cash, your own real money, or secure financing like chase auto finance or something like that. You could also have a dealer handle the transaction, you will pay a bit more, but they may be able to get financing for you. Again you will end up paying for it. |
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04-26-2011, 09:25 PM | #9 |
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a fist full of blood diamonds. maybe just me though
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04-26-2011, 10:06 PM | #12 | |
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04-26-2011, 10:16 PM | #14 |
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When I was looking at an E30 I found one with a 3 day return policy shipped from Atlanta. I loled at the seller
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04-28-2011, 01:30 AM | #15 | |
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Both my personal bank and my business bank do not offer auto loans with a car thats 8 years old. They both tell me I would have to get a personal loan but the rates are like 8.xx% - 9.xx% as their standards (which is quite high) Might try to hit up my parents' credit union or ask them to take out a loan for me if that is the last resort. Just want to see what people usually go about purchasing a used car from a private seller (especially with older models since most bank do not give out auto loans for those)
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04-28-2011, 01:32 AM | #16 | |
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05-01-2011, 02:41 PM | #17 | |
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Do you really want to be making monthly payments for the next two to three years on a car that's already 8 years old? At that point, age trumps mileage and things will likely break down no matter how well cared for the car may be. Do what many of us had to do to own an M3. Buy a new or relatively young reliable but admittedly cheap car for which you can get a bank loan. Make your payments, build some equity, and make it your goal to save another couple of thousand per year at the same time. Repeat as many times as necessary until you have enough 'in the bank' to afford an M3 (or at least enough to make a very healthy down payment towards the car). ...or have your parents get the loan for you. |
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