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      09-17-2012, 11:36 AM   #1
S3RI35
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Anyone ever did a private party car purchase that involves financing?

I'm looking into this at the moment, but apparently banks are either
1. Not financing private party transfers
2. Making the process exceedingly long and are asking to take out an unsecured loan (w/ 11%+ interest for A+ credit ) until the title/reg documents are verified before securing a low-interest auto loan (<3%).

Credit unions aren't any better. Any insight to avoid taking out two separate loans for option 2 will be appreciated. Thanks!
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      09-17-2012, 12:01 PM   #2
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Should be a pretty easy process. I sold my GTI to a guy who financed through a credit union. Was fast and easy.
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      09-17-2012, 12:49 PM   #3
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I sold a camry hybrid to a guy with financing. I had to pay off my loan in order to have clear title then I was able to sell to him.
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      09-17-2012, 01:11 PM   #4
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Quote:
Originally Posted by KingOfJericho View Post
Should be a pretty easy process. I sold my GTI to a guy who financed through a credit union. Was fast and easy.
Did you accompany him to the bank? or just the Tax office to do the title transfer?
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      09-17-2012, 01:12 PM   #5
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I sold a camry hybrid to a guy with financing. I had to pay off my loan in order to have clear title then I was able to sell to him.

Yup, figure that much. The car I'm looking into was paid off, but I heard that it can get messy when there are other financing terms involved with the seller.
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      09-17-2012, 04:51 PM   #6
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A guy I know went through state farm bank to get a loan to purchase his e46 M3 from a private seller. Pretty painless, although the sellers bank took about a month before they released the title!!
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      09-17-2012, 05:31 PM   #7
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I've purchased my last 2 cars from out of state private parties using financing, and I've sold my last 3 to people who were financing from out of state. It's pretty painless usually. They make you jump through a few hoops, and each bank has their own rules, but if you talk to someone who knows what they are talking about, they should be able to tell you the best way to do it. A lot of time it just involves the bank verifying funds from the purchaser's bank, and having a copy of the title faxed to them.
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      09-17-2012, 07:47 PM   #8
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I've purchased my last 2 cars from out of state private parties using financing, and I've sold my last 3 to people who were financing from out of state. It's pretty painless usually. They make you jump through a few hoops, and each bank has their own rules, but if you talk to someone who knows what they are talking about, they should be able to tell you the best way to do it. A lot of time it just involves the bank verifying funds from the purchaser's bank, and having a copy of the title faxed to them.
Thanks, that is a little more reassuring.
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      09-17-2012, 07:48 PM   #9
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A guy I know went through state farm bank to get a loan to purchase his e46 M3 from a private seller. Pretty painless, although the sellers bank took about a month before they released the title!!
Yeah, I don't think I'll be up for it if there are liens tied to the seller... seems like an additional headache to have to track when you've signed that big check over to the receiving party.
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      09-18-2012, 12:42 PM   #10
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Never had a problem. The bank issues you a cashiers check for the the purchase price, and that's that.
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      09-18-2012, 02:49 PM   #11
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It took one week for him to cut the check, check to clear, pay off my lien, and obtain the title. It was a very smooth process.
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      09-18-2012, 07:57 PM   #12
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Banks and credit unions do this hundreds of times a day. Super common and should not be an issue.
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      09-18-2012, 10:29 PM   #13
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When I bought my car I shopped the financing online first before I bought the car. The bank sent me a check worth up to a certain amount which I could use to finance any car built after 2004 with the interest rate varying based on the year of the car. Made it very easy to buy a car, just like I had cash. I ended up buying a new car, but I could have bought anything. As for the private party having a lien I'm not sure how that would work I suppose your lender would be the best one to ask as each one would have different underwriting guidelines.
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      09-19-2012, 12:15 AM   #14
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If they have a lien its still easy. You go to their title holder with them and hand them the check/cash. They give the seller what is left over after their lien is paid, and help fill out the title paperwork in your name. Done it 3-4 times that way without issue.
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      09-19-2012, 10:41 AM   #15
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Quote:
Originally Posted by flyinb501 View Post
Never had a problem. The bank issues you a cashiers check for the the purchase price, and that's that.
Quote:
Originally Posted by KingOfJericho View Post
It took one week for him to cut the check, check to clear, pay off my lien, and obtain the title. It was a very smooth process.
Quote:
Originally Posted by son_of_siggy View Post
Banks and credit unions do this hundreds of times a day. Super common and should not be an issue.
Quote:
Originally Posted by blutattoo View Post
When I bought my car I shopped the financing online first before I bought the car. The bank sent me a check worth up to a certain amount which I could use to finance any car built after 2004 with the interest rate varying based on the year of the car. Made it very easy to buy a car, just like I had cash. I ended up buying a new car, but I could have bought anything. As for the private party having a lien I'm not sure how that would work I suppose your lender would be the best one to ask as each one would have different underwriting guidelines.

Quote:
Originally Posted by son_of_siggy View Post
If they have a lien its still easy. You go to their title holder with them and hand them the check/cash. They give the seller what is left over after their lien is paid, and help fill out the title paperwork in your name. Done it 3-4 times that way without issue.

Thanks guys, really appreciate the input

This is the first time I'm buying private party, so just wanted to see what considerations I needed to make, if any.
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      09-19-2012, 11:17 AM   #16
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I financed a project car once through Statefarm bank. Was super easy and painless, probably helped that I worked there though.
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