Need auto loan advice...

[J Banning]

Who has the best rates on person to person auto loans (for private sellers)?

I've seen what peoplefirst.com has, but can't find anything else.

-Banning.

 

[Matt Weiser]

In my experience, credit unions often have the best rates for these kinds of loans. You may be able to join a credit union through your employer, or through a spouse or parent or something like that.

 

[ponch]

My credit union offers 4.39% on 2002-2004 cars for up to 60 months and 4.74 on cars 1996-2001 for 60 months.

Here is a copy and paste from their website.

Car/Truck/Van 2002 - 2003 Models Up to 100% Retail Value
24 months -- 4.39%
36 months -- 4.39%
48 months -- 4.39%
60 months -- 4.39%
66 months -- 4.89%

Cars Valued at $15,000 or more and has 20,000 miles or less 72 months -- 5.14%

New, untitled vehicles valued $30,000 or more 84 months -- 5.89%

Car/Truck/Van 1996 to 2001 Models Up to 100% NADA Retail Value

Terms vary based upon vehicle age, mileage, and condition
24 months* -- 4.74%
36 months* -- 4.74%
48 months* -- 4.74%
60 months* -- 4.74%
66 months** -- 5.24%


www.parkfcu.org

 

[1badTTA]

I know where I live there are a bunch of credit unions and it seems that you can join any of them no matter where you work. The only one I know of that will touch a car older than 5 years is Hughes federal credit union. You will have to shop around wherever you live though.

 

[J Banning]

I've found several lenders in the 4% range on used cars from dealers, but not from private sellers. All of them are 6.5% or so. (all figures are for 60 months).

I'll check with my local credit union.

You guys have any experience with the online banks?

-Banning.

 

[turboscott]

Peoplefirst.com worked great for me. No appraisal needed, just make sure the seller is willing to go to a Mailboxes, etc... to fill out the paperwork in front of the notary.

 

[J Banning]

I went with peoplefirst.com (now Capital One). 4.80% on 60 month used auto loan (26k mile, 2000 Durango). It probably only took 5-10 minutes to set up and they overnighted me a check that I took to the dealer today to buy the truck. It couldn't of been easier!

-Banning.