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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

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Old 10-24-2014, 07:39 AM   #1 (permalink)
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Originally Posted by NoLaKrewe View Post
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
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.
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Last edited by KratikosG37; 10-24-2014 at 07:41 AM.
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