Private party auto loan

[waqiidepp]

Hey folks. Where do you all recommend to get great a private party purchase auto loan? I am with Bank of America but I have heard some credit unions are better.

[kwatkins12]

I have used my credit unions for all of my car loans and have always had good experiences. Just double check with your credit union if the seller needs to come into the branch location with you. One of my credit unions required that and one didn't, something to consider if the seller is further away.

[fivaxis]

I used Bank of America and they were great.

[explore.more]

The only issue I had with my credit union this time around was that they wouldn't cover the entire price of the vehicle due to the increase in prices due to the low inventory. I had to pay more out of pocket since they only went by NADA pricing.

[BloomRunsDubs]

My local credit unions offer great rates. 84 months @ around 3% 72 months at around 2%.

Wouldn’t recommend a 84 month loan to an everyday car buyer but it can be a great tool for someone buying a car that has already done most of it’s depreciating

[wuzhatning]

i would just finance thru bofa. if u have stellar credit, their auto loan rate is actually pretty good. plus they allow private party purchase.

[GarlicBread]

LightStream works too. It's an unsecured loan

[Flint Rockbone]

Second the credit unions. I've financed my last four cars through credit unions and the rates are far better than I've seen elsewhere.

[AllaVodka]

Delete

[Spun Crankhub]

Originally Posted by AllaVodka

I feel like if you need a loan to buy a car you cant really afford the car...

You're a prick, and likely a peasant for saying some asinine BS like that. Rich people often leverage banks money, and put their money to work elsewhere.
Just sign out on here and never return.

[v8rwdftw]

amen brotha loan on mine too

[WhiteF80M3CompCT]

Originally Posted by waqiidepp

Hey folks. Where do you all recommend to get great a private party purchase auto loan? I am with Bank of America but I have heard some credit unions are better.

I have had great success with PenFed CU

[65fastback]

Originally Posted by Spun Crankhub

You're a prick, and likely a peasant for saying some asinine BS like that. Rich people often leverage banks money, and put their money to work elsewhere.
Just sign out on here and never return.

It was certainly a self-serving BS 100% not useful comment to make in this thread, no reason for it.

Lots of good 2-3% used car loans out there for people with tier #1 credit scores. Check all your local credit unions before you settle on one.

[chrisrizzo]

I've gotten all of my auto loans from credit unions and have always had a positive experience. You can also use bad credit loans instant approval canada for this purpose, but this is a last resort. Just double-check with your credit union to see whether the vendor needs to accompany you to the branch. One of my credit unions needed it, but another did not, so keep that in mind if the seller is a long distance away.

[MMMM3]

another idea: home equity line of credit
interest is tax deductible...

[fraydamccaughey]

Credit unions usually offer lower interest rates, depending on the case. They are also good if you want to refinance your loan after making a deal with a dealer directly. I did that several times, and every time, I managed to have a $2500 “discount.”
But it all depends on what you need and your credit scores. The worse the credit scores are, the worse the conditions will be. You can read more on https://www.greedyrates.ca/blog/how-to-get-a-car-loan-in-canada-when-you-have-bad-credit/ about car loans and interest rates. I always recommend to anyone who’s not sure to save money and buy a car for cash instead. It is safer and brings much more peace of mind.

[fivaxis]

Originally Posted by MMMM3

another idea: home equity line of credit
interest is tax deductible...

I applied for a heloc, right now it’s about a 3 month timespan to get one.

[RoundelM3]

I've been using a credit union instead of a bank for several years, and have had 2 car loans with them along with checking/savings/credit card. Got excellent loan interest rate and they have been very easy to work with. Likely won't ever go back to a bank again.

[Weißbier]

Originally Posted by MMMM3

another idea: home equity line of credit
interest is tax deductible...

Not automatically. Mortgage interest is a Schedule A itemized deduction, and if a taxpayer's total Schedule A deductions are less than the standard deduction, then mortgage interest is somewhat moot.

[G35POPPEDMYCHERRY]

no one is going to beat BOA or penfed

[FrznM]

Kind of off topic, but just wondering if it is still a good time to finance a car with the rising interest rates. I am thinking sure, as the rate is still below what inflation is at the moment.