Quote:
Originally Posted by NoLaKrewe
How hard is it to get a auto loan for a car outside of a dealership. Don't think my bank would do one. Because if I buy from a private seller I'd need cash on hand where as if I buy a car I build credit and can save a little cash on down payment
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The main issue is the title. Most major banks want title 1st then they approve you. Chase, Regions, and Captial one turned me down. Had to use a local credit union to get approved only after I had the seller fax me a copy of the title, and bill of sale.
If you show prove of insurance, bill of sale, and copy of title. Most local banks, and credit unions will give you a cashiers check or wire transfer.
imo wire transfers are the better option. I called my bank with proof of title sigined, and bill of sale with a copy of his driver license.
After wire tranfer (3 hours later) we drove to the DMV to make it final. Most of state DMV's will charge 4% tax only and pay the different once you enter your state. For example, FL charged me 4% for a reg, and plate. Drove to New Orleans payed 3% different and got my local reg and plate.
This way it assures you that you're driving legal and the seller can't back out.
If the car has a loan still you have to pay it off 1st then repeat what I just listed once the title is in hand by the owner.
Local take the owner with you to the bank with his reg, and payoff. You will have 0 issues long as you're not purchasing the car 20%+ over retail.
My only advice is don't purchase in till you have all the facts. Took faith in the seller before fully looking at mine. Still got a great deal, but notices wheel damage and crack on my dash after the deal was done. Not saying I would talk him down more, but $500 less for my troubles of repair would've been nice.
All and all my experince was great. His family was really nice to me, and gave me a place to stay for a few days.(which anyone that's decent would have done the same)
Yes yes yes. It's not you're built VQ, and you have dings/cracks/scratches.
but
You're spending 50% less then it would have costed you out of pocket, and to fix all the small issues plus additional mods that you wanted is fraction.
New G37 (Q60) 40k base + TT 15k + rays wheels $3500+ = 58k+
Just saying.
