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Old 07-17-2013, 10:08 PM   #1
AlpWhitE46
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Private buy - Financing

Question for those that have done it before or know.

Say i'm buying a privately sold car and want to finance it. What is the best way of doing this... and any suggestions on the companies?

I was thinking of just getting a line of credit.. transferring him the money, depositing myself a down payment and paying it off how i like?
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Old 07-18-2013, 11:50 AM   #2
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Or a bank loan. Take the money in full. Pay the seller. Start repaying the bank.

If i were the seller i think id want all the money up front.
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Old 07-18-2013, 11:59 AM   #3
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Of course i didn't mean him taking my money in monthly payments!
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Old 07-18-2013, 11:59 AM   #4
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A line of credit is the most flexible and if you have a secured or home owner LOC you can get a pretty decent rate.
Most other loans have higher interest rates, best bet is to speak to your bank and see what they can offer you with the lowest rate.

Those other financing companies out therem that advertise financing for anyone, are usually pretty shaddy and they are there to take advantage of people with bad credit. If all you can get is a high interest rate loan to be able to buy a car, you probably shouldn't be buying it.
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Old 07-18-2013, 12:01 PM   #5
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Thanks!

I have a perfect credit and can get the home owner LOC rate, I shall try and go do that today =)
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Old 07-18-2013, 12:19 PM   #6
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My bad..
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Old 07-18-2013, 02:27 PM   #7
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if the vehicle you're buying is less than 5-6 years old the bank will likely give you a secured loan against the car. otherwise you can get an LOC against your home. if you have legit credit you can get a powerline just over prime for up to 1/3 of the value of your home.
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Old 07-18-2013, 04:54 PM   #8
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Its a 2003
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Old 07-19-2013, 01:22 PM   #9
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If its a 2003 why not wait until you have cash in hand?
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Old 07-19-2013, 02:06 PM   #10
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I just went in to check but the secured loan has a 600$ setup fee.. boo..

Noid: Because I would rather have money in my bank then just spend 16k on the car.
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Old 07-19-2013, 02:22 PM   #11
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What proprone said.
AND they will have to cut the cheque for you.
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Old 07-19-2013, 06:30 PM   #12
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so you have the cash to buy the car but you wanna borrow anyway?

i'd never borrow money to buy a car.

i'd never borrow money to buy anything, save possibly a house, and even then, i'd be weary.
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Old 07-21-2013, 12:01 PM   #13
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Don't currently have the full amount no, its not a big deal don't worry.
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Old 07-21-2013, 12:19 PM   #14
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What used 2003 is worth 16k? Even the X5 I just sold was worth less then half that as a 2002 in great condition.
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Old 07-21-2013, 12:54 PM   #15
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Noid - It's the market..
An X5 is easy to find like a penny...

How many KM?

There are always around 30-50 Z4's listed...
a lot are 2.5's..

Most range in the 70-120 k mark.
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