how hard it is to get a pre approved loan check from your personal bank to buy from a personal seller? it is the same thing as getting financed by the dealer? if you miss a payment they take away your car?

 

It will probably be harder. Depending who you bank with, a lot of banks will want to inspect the car before giving you a loan. If you live in different state than seller, this can make things very complicated to work between banks. You will probably be better off buying a new car anyway. Used car rates are much higher than new. Depending how your credit is, you can get a new loan for 2 or 3% APR. Even if the new car is a few thousand bucks more than used, you'll probably work out better compared to 8%APR or so on used car. Plus, you dont have to worry about someone elses past problems.

 

that's true but the whole different state isn't an issues since it will be a local that im buying off of. also since it's off a private seller, the tax is paid as registeration when going to the DMV correct?

 

I think so, but not for sure? I know I got mine new, out of state, and I paid taxes a few months after the purchase. Im pretty sure you are right about the taxes with used purchase too. I know you dont pay the original owner the taxes, so it must be when you register.

 

What I experienced is the bank has a blank check for you depending on your credit rating. You find the car and the bank will loan you the book value of the car. Your best bet is to talk to your bank. They are the subject matter "experts".

 

I will be giving them a call today to find out more about it. So like say the book blue value of the car is like 21grand. I dont have to be debt for 21grand correct? just the amount of money that i use?

 

Try Capitalone.com. They will give you a used car loan around 5.5% with no hassles. No inspection either.

 

From my experience, if you have or can get into a credit union, they've got one of the most competitive rates around. When I bought my used A4 from a private party I got 7.9% from BoA and then joined my credit union at work, transfered balance, got 4.9%. Now for my Z, I transfered over from Nissan credit and I am financed at 2.75% which is great for me.