private party auto loan so-so credit?

[Memphis]

Does anyone know of a local place that will loan money for a vehicle purchased from a private party? Credit is not the best, vehicle is 12 years old with low miles and under blue book.

[pOrk]

If loan amount is less then 7 grand it shouldn't be too hard at a small credit union. When I was 19 I got a loan for 6 grand on a used 2001 impala, they gave me black book for the car which happened to be about a grand less then asking price, I had to come up with the difference. Try Appletree Credit Union in Stallis.

[Slow5oh]

I've used
Glacier Hills Credit Union
Pentagon Federal Credit Union
USAA

[03CVLX]

Apple tree has amazing rates but the loan value is VERY low. I tried to refinance my car thru them. I owed 6k. Bluebook was still 8k-8500 range. Said they would only loan me 5000 on it. Educators and Summit and all the other slightly larger credit unions loan value was 110% of retail and were willing to refinance me up to 9K range if I needed it. Obviously the interest rate was a few percent higher. Roughly 6% instead of 4% but if your trying to finance anything older I have a funny feeling Apple tree will severly low ball you.

Edit. Last I checked Educators still does 3 year loans on cars back to the 96 or 97 model year.

[Memphis]

Thanks, will look into that this week!

[PureSound15]

Educators or Landmark. Not all financials loan based in vehicle make, mileage and year - some loan strictly based in the borrower.

Value has nothing to do with your approval as long as your payment fits in your DTI.

GAP is worth the purchase through a credit union as well - should be $300ish (yes, for the same GAP that a dealership will charge you $700 for).




Sent from my iPhone using Tapatalk

[-stew-]

May end up going this route. Looked at like twenty dealers today. Found one truck I'm interested in, and it was in the back of the lot with no window sticker, and the inventory tag was faded and nothing on it was readable. Truck looked really nice, but clearly had been sitting for a while. Gonna call Monday, but I fully expect to get told it's not for sale and hung up on.