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Private party financing

Discussion in 'Road Side Pub' started by 03MUSCLE, Jun 11, 2014.

  1. 03MUSCLE

    03MUSCLE 03 MUSCLE Established Member

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    Hey guys where"s the best place to get private party financing for a used car (Shelby)? 690 credit score
     
  2. jbs$

    jbs$ Active Member Established Member

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    Dream on, although you may try mom, I cannot think of anyone outside of a mob connection who would take this on.
     
  3. fulanititoo8198

    fulanititoo8198 Member Established Member

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    You might get a small loan but no where near a Shelby. Score too low whether fico experian or whatever.
     
    Last edited: Jun 11, 2014
  4. VirtualSVT

    VirtualSVT lolololololololololol Established Member

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    Credit union but prepare to put money down.
     
  5. el jefe 302

    el jefe 302 Making all kinds of gainz Established Member

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    Low score will just mean you get reamed with the interest rate. As long as your income to debt ratio is fine you will qualify.


    Is that 690 your median score between the three bureaus? Keep in mind when they pull your report they use the lowest score out of the three to give you the highest interest rate. For example if that 690 is your highest and 650 is your lowest, they will use the 650.

    My advice to you is to quit thinking about another car right now and concentrate on getting your credit score up.

    Get your credit cards to 20% utilization and under. Get some money in savings and pay off any other personal loans. Then watch those scores rise. :)
     
    Last edited: Jun 11, 2014
  6. 03MUSCLE

    03MUSCLE 03 MUSCLE Established Member

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    Im not buyin.... Im sellin. Im selling to a family member.
     
    Last edited: Jun 11, 2014
  7. ElscottHavoc

    ElscottHavoc It's all your fault. Established Member

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    I agree with others about focusing on improving your credit. That said, to answer your question though, I'd seek either Prosper.com or LendingClub.com.

    These are peer lending sites. Multiple investors (plain Jane people and professional investors alike) buy chunks of your loan to fund it and then you pay the group of people interest for their ROI each month in addition to principle. But be forewarned, these sites will track you down and make collections on you just like a bank and everything is highly documented just like a bank too and you will get your credit hurt if you default.

    That said, finding any other type of financing outside conventional is going to be hard for a car - especially an expensive sports car. Anyone willing to take such risks is going to have some pretty steep fees to offset that risk. I've worked with some hard money lenders in real estate in the past, but never actually borrowed from them, but I know those guys would never dabble in automobiles unless it was a cheap car with high returns. That and hard money lenders are brutal people to work with. If you were thinking of buying a $60k house, I'd say "let's talk", but a $60k car - I'll pass (not that I'm in a position to fund you anyways).

    Posted via Topify on Android
     
    Last edited: Jun 12, 2014
  8. SVT-BansheeMan

    SVT-BansheeMan na na, hey hey, goodbye Established Member

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    I had to get my mom to go co-sign on my L about 6 years ago when i bought it. I went with my local bank. I ended up paying near 10% interest because i didnt have enough credit. The odd thing was, they would of gave me 50% more for a new vehicle. Used was the deal killer.
     
  9. Blackness03

    Blackness03 Well-Known Member Established Member

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    I used lightstream but my credit is 760. Never walked in a bank. Filled it out online, money in my account next day.
     
  10. Katy TX5.0

    Katy TX5.0 Active Member Established Member

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    Do give details please.
     
  11. Blackness03

    Blackness03 Well-Known Member Established Member

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    It's on the Suntrust website. Not sure if you need to be a Suntrust member or not. Don't think so since it's not through them. My rate was 2.99% and it's unsecured so there's no lien on the title. Works out great for older cars where banks wont finance.

    https://www.suntrust.com/PersonalBanking/Loans/AutoLoans
     
    Last edited: Jun 12, 2014
  12. aarons04cobra

    aarons04cobra Well-Known Member Established Member

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    This seems pretty legit. Did you do a personal loan or an auto loan? JW because I was curious what they do about a title if its an auto loan.
     
  13. Blackness03

    Blackness03 Well-Known Member Established Member

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    I did the auto loan. The title comes to you. They don't even ask what kind of car it's for.
     
  14. aarons04cobra

    aarons04cobra Well-Known Member Established Member

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    Im always skeptical about this kind of online loans. But hey it worked for you, so good to know!
     
  15. Serpent

    Serpent Bike or Cobra? Established Member

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    Yup you need at least a mid 700's credit score and I would go through a credit union.
     

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