Question - used car loans

brpn#1 · **Posted:** Sun Oct 29, 2006 9:30 pm

Ok.. i think i found a 98 wrangler someone is selling.. my bro went and test drove it and it seems ok.. i dont have 6k laying around so i was thinking of getting a car loan for it.. anyone have any recomendations on who to go with or how to go about getting a loan? this will be person-to-person since its not a dealership. I never got a loan for a used car before so any and all recommendations and advice is greatly appreciated. I want to add a wrangler to my jeep family soon

mikekj_cda · **Posted:** Sun Oct 29, 2006 9:43 pm

My suggestion is go to your bank/credit union, ect, whoever you deal with for you day-to-day banking. Sit down with someone and appy, you can probaly even go online and apply. For a private sale like this, that would be your best option. Other option is to look at finance companys if the banks can't help you out. They cost more to borrow from but depending how your cash flow is, you can pay it off sooner than later and save some $ and get your ride. Depending on your situation there is several choices for you to get financing. My .02 cents.
I'm not an expert on the US banking system but have finance expeirence north of the border

If you got questions, msg me, glad to try to help.

**edit** What I would do and did, get a personal line of credit (loc). Like a credit card but with personal loan interest rates, usally credit history will dictate the rate. Plus it lets you pay the way you like, most times min pymts at $120-180/mon. If cash flow is good for you, pay more and save yourself $$. Most financial institutions offer an loc.

psinsyd · **Posted:** Sun Oct 29, 2006 10:08 pm

Definitely get a reputable bank to do the financing. They may want the VIN of the vehicle.

Also, probably a good idea to have a mechanic check it out before you pull the trigger on it.

Good luck!

dog_party · **Posted:** Mon Oct 30, 2006 2:09 pm

Go through Lending Tree.

click here for Lending Tree link

Jeger · **Posted:** Mon Oct 30, 2006 2:25 pm

Maybe you can find something here

http://www.lostjeeps.com/forum/phpBB3/vie ... highlight=

HAhhaaa hahaha :-)r

JK I dont really recommend that you click on any of the links in that lovely piece of spam.

wendell · **Posted:** Mon Oct 30, 2006 7:41 pm

Also a 98 is allmost 10 years old now, might not be as easy to find loans from a bank, but there are lenders who will loan money on older vehicles at a high interest rate, I would check with lenders that know you and your credit history with them, that could help. The better your credit is, the farther back thier willing to go on a loan. A jeep wrangler should carry pretty good book.

saxdogg · **Joined:** Fri Jun 02, 2006 7:26 pm **Posts:** 199

Yeah I was going to say, get prepared for an interest-rate-raping

JP

Tomahawk · **Joined:** Wed Sep 20, 2006 3:40 am **Posts:** 14

I went through my credit union when I purchased my '02 lib last month. They have different rates than a new car purchase but the application process is pretty much the same. A '98 model may warrant a higher rate becuase it is 8 yrs old. Either way, a credit union is usually a lot better than the average bank when it comes to rates.

brpn#1 · **Posted:** Tue Oct 31, 2006 12:29 pm

yah.. my wife works for major bank and she already looked into it.. even for employee this specific bank's rate on used vehicles is over 13% OUCH!!!.. but like some of you said.. since its a 98 and person to person transaction.. they have higher rates.. thanks for the sugestions.. the 98 i was looking at.. the guy said he got a deposit over weekend and someone is interested in buying it so hopefully they cant get financing (ok that was bad but i wanted this one

) if not it wasnt meant to be.. i will keep looking. thanks guys.. any other suggestions greatly appreciated

Tomahawk · **Joined:** Wed Sep 20, 2006 3:40 am **Posts:** 14

13%? Wow, my used car loan was a little over 6% through my credit union.

dog_party · **Posted:** Tue Oct 31, 2006 3:26 pm

Holy infalted baloons bankman! 13%?!?!?!?!?!?! I just bought a used 99 Miata a few months ago and felt bad because Bank Of America stuck me with a 7% interest rate!! Jeez o' flip man I wouldn't buy a TV at 13% interest, much less a CAR! Please don't ever buy a vehicle at that kind of interest rate. Buy a bicycle at that kind of interest rate...maybe...but not a car.

Go to BOA or, better yet, hit that link I put up earlier and get four or so different lending companies to fight for your loan. I'm serious, my friend used Lending Tree and got a used car loan at 5% interest (and they didn't care how old it was). The only reason I didn't go that way was because I didn't have the time.

mikekj_cda · **Posted:** Tue Oct 31, 2006 5:01 pm

Yeah, 13% is a slap in the face given your wife works for them, unless that is just quoted off the cuff. A lot of banks won't quote you the best rate until you have completed an application with them. These online lending companies are more common in the states but they should be able to do way better than 13%, they don`t have the same over-head costs like a major bank would so that savings is seen by you, the customer. That might be your best route.

brpn#1 · **Posted:** Wed Nov 01, 2006 3:42 pm

yah i know.. i was like.. W T F lol.. thats crazy.. my credit cards rate isnt even that high.. basically it boils down to they dont like doing person to person loans.. i bet if i went in as a personal loan then prob get better rate.. we are looking into it.. thanks for the suggestions.. unfortunately the guy with the 98 sold it yesterday

suxs.. oh well it wasnt meant to be.. we are looking again for a 97 or 98 wrangler with automatic..

i will check up on lending tree when i find another wrangler.. i tried them when i bought our house but since we live in the boonies of western nc with no street lights.. paved roads..etc.. lol.. they wouldnt take our house haha.. so funny.. but i will check that out.. didnt know they did car loans too

Question - used car loans

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