iNDOLiFER

Hello, im new here and i would like to ask to see if i can get some answers on here. I am interested in a c230 sports and i want to get a loan from my bank for it. The car is from a private seller so my question is will the bank loan me the money to buy a car from a private seller? I have had previous auto loan from my bank but it was from a car dealer. I have never had a loan for a car from a private seller so im not sure if this is possible?

pcy

Bank won't care WHO you are buying the car from (dealer vs. private seller) as long as you surrender the car title to the bank, they will give you the loan. The loan amount will depend on the 'suggested retail price' or the blue book value of the car - not on where you are buying the car.

mskembo

+1

Also, remember to shop around for the right loan. Most of the time Credit Unions will give you better rates than banks. Don't be afraid to let them know that you are going to shop it around, you get better results that way.

danev6972

Agree. I always get my loans from the credit union and they do have good rates...Good luck!

W203E35

Recently my friend bought a used E350. He got a loan from a credit union for 3.99

I don't know if this is high but just throwing it out there. By the way this is in Los Angeles if that matters.

MountainStone

Definitely shop around for rates, and credit unions are almost always cheaper. If you are buying from a private party, you will not pay that person sales tax. You will have to pay the sales tax when you register the car in your name, so calculate that amount and borrow enough from the bank to pay for it (unless you live in a state with no sales tax).

danev6972

Depending also on your credit history..3.99 is excellent.

seagel1000

Dude!

The best I've seen for a used vehicle 2008 and older is 8.25%...

3.99% is something you only see for a NEW LOAN on good credit approval with Loan Companies, specially amongst Credit Unions.

W203E35

This is the dealer that he got it from and this is the car @3.99%.
http://clients.automanager.com/00260...dac59ec5f480e1

I didn't know it was that high.

danev6972

My last credit union loan for a used car was 6.15%

W203E35

Sorry for the blunt question does the duration of the loan matter on the percentage? He has a 72 month loan.

MW_ATL

I don't know, but I would imagine it does. 72 months, on a 2007? *ouch* Or at least that would be my thought.

W203E35

I agree man. I calculated and 5k in interest at least

408 a month @ 71m with 1,500 down.

91RS

Shorter term usually gets a better interest rate because it is less risk for the bank.

Mantooth

Check out Pentagon Federal.

springdriver1

I want to buy an E55 or a C55 but I think the price is high for those cars. Dont think having an 3 to 5yr loan on an 06 too 07 car is smart. But the powwwer they have is mind blowing

mskembo

I never do more than a 36 month loan. I don't like having car payments... the biggest reason I don't buy new cars.

MW_ATL

+1. PennFed also has a credit card that is 5% back on all pay-at-the-pump fuel purchases. And I believe it is put back each month, not at the end of the year.

Brand Chefs

I gone through with same situation but then I got an ad of a company which is https://www.highwaytitleloans.com/ and it was a great experience. I got a very easy emergency loan and you can also get that.

91RS

Lol. Do you really think spamming a 10 year old thread is going to work well?

S70Houston

Lang2019

Hey, I have also financed loan for my car from Highway Title Loans. These guys were very helpful in solving my loan problem. Check them out
https://www.highwaytitleloans.com