How to finance a used car? 3rd party loan?

[ClangClang 14]

The time has arrived for me to buy a car. I generally prefer to buy my cars used from private sales (as opposed to "certified pre-owned" from a dealer). While I've always bought cheap beaters, I'm looking to spend a bit more and get something a bit nicer, but I'll need to finance the purchase cause I don't have $15-$20K sitting in the bank.

 

Does anyone have any ideas or leads finding 3rd party financing? Do I just look for a private loan from the bank? Are there companies that specialize in this sort of thing?

 

Any info would be appreciated

[Jon 264]

Best rates are through credit unions. Here are the current rates from mine:

 

2.99%

3.99%

4.99%

5.50%

5.50%

24months

36months

48months

60months

72months

[jcerillo70 16]

When i was an F&I manager for Sansone Auto i was getting 2.9% as a buy rate and 3.9% as a sell rate for 60 months through Wells Fargo on a regular basis.

 

Keep in mind i gave them hundreds of thousands of dollars in business every month. In turn i get lower rates.

 

 

 

But remember.... its all based on your credit

 

Pm me and we can talk further about this

[bry@n 195]

I am not a fan of wells fargo dealer services. They just suck. I deal with Bank Of America and have no issues. You can easily get a rate of 2.99 based on your credit.

[ClangClang 14]

I would guess my credit is in the 690-710 range - where does that leave me?

[BlueLineFish 615]

I agree with Jon. Credit unions usually are the best choice.

[tommy3rd 132]

my credit union would not loan money if you're buying a car older than 5 yrs. check yours...