Recommendation for auto loan from private seller please

AriuSen · 10-21-2014, 04:41 PM

Hello,

the bank that was giving me a loan dont do loans to private seller, which is a car I am looking for.
I cant just get loan anywhere, because my situation is a little complicated. I moved to the US only 2 months ago so I dont have any credit.
I will down pay 50% in cash and I wanted to get a loan for the rest so that i can start building up my credit.
I work with my family's business so I dont have like a payroll since its sort of a partnership.

Can anyone please indicate someone who can give me a loan in my situation?
thanks

By the way. the car is other state.

templarklimek · 10-21-2014, 06:10 PM

you are in tough situation. After the credit crash lending is more difficult. If you buy from a dealer it's easier. Especially if you buy from BMW directly as they want to make money from the car and the loan. 50 percent down secures the loan. Consider this kind of option.

modkrazy · 10-21-2014, 06:26 PM

Quote:

Originally Posted by m3SennA

Hello,

the bank that was giving me a loan dont do loans to private seller, which is a car I am looking for.
I cant just get loan anywhere, because my situation is a little complicated. I moved to the US only 2 months ago so I dont have any credit.
I will down pay 50% in cash and I wanted to get a loan for the rest so that i can start building up my credit.
I work with my family's business so I dont have like a payroll since its sort of a partnership.

Can anyone please indicate someone who can give me a loan in my situation?
thanks

By the way. the car is other state.

Check out Penfed. Financed with them for 0.9% APR.

Flying Ace · 10-21-2014, 06:38 PM

you're saying, you can't find any lenders (other than car dealers' finance companies)? Or the car dealers' finance companies won't also extend you credit or give you a loan?

This is very difficult for you b/c you have no credit history in the US. I have no solution for you other than check with your bank, other banks, credit unions, and small private banks.

A good place to start is bankrate.com where they will show you all the independent lenders who are offering rates and loans.

Are you here on a visa? Are you employed by a US company? You're actually a very high risk individual b/c you have no history of credit, employment, or reportable/verifiable assets.

templarklimek · 10-21-2014, 06:54 PM

all true, that's why IMHO he is going to do better by going to a lender/producer of the car. they have more incentive to loan to him. 50 percent down is very helpful too.

Sinful · 10-21-2014, 07:36 PM

Buy from Carmax they have a tons of locations throughout the US. They have a huge selection and it cost peanuts to have them ship cars between their facilities. They can give you financing also. Don't buy private, private sellers always want more than the car is worth, plus if you find out something is wrong like it was in an accident, flooded, or odometer roll back your screwed. With Carmax they check all these things in advance and you can try the car for like 5 days and return it at ZERO cost if you dont like it.

www.carmax.com

AriuSen · 10-21-2014, 09:31 PM

yea...thanks everyone for your options.
I am really really sad lol. I thought i was gonna have my first e92 this week, but i can see my dream fading away lol. even though its from private seller, owner sent to inspection and everything and the car is really new. only 5k miles on it.
I will sleep tonight hoping for a better tomorrow with more luck. Still got some options that I will try.
My parents they live here for 7 years now. They could co-sign it! LOL but they are very scared that I will get in an accident and injure someone, and that person sue my parents since they have got some real state.
Anyone willing to co-sign? kkkk just kidding. good night all!

mjposner · 10-22-2014, 06:34 AM

Penfed is for miltary only.

Co-signers on loans who are not listed on title have no liability for accidents (they are not owners)

If the seller owns it free and clear see if he will finance.

Go to where you family business banks, they will likely help if you dad asks them too, because they want to keep his business.

Buy from a pay here lot for now, and work your way up (its the American Way).

10-21-2014, 04:41 PM	#1
AriuSen Lieutenant Colonel 777 Rep 1,923 Posts Drives: Z4M Coupe Join Date: Oct 2014 Location: Los Angeles iTrader: (9)	Recommendation for auto loan from private seller please Hello, the bank that was giving me a loan dont do loans to private seller, which is a car I am looking for. I cant just get loan anywhere, because my situation is a little complicated. I moved to the US only 2 months ago so I dont have any credit. I will down pay 50% in cash and I wanted to get a loan for the rest so that i can start building up my credit. I work with my family's business so I dont have like a payroll since its sort of a partnership. Can anyone please indicate someone who can give me a loan in my situation? thanks By the way. the car is other state.
	Appreciate 0 Tweet Quote

10-21-2014, 06:10 PM	#2
templarklimek templarklimek 141 Rep 868 Posts Drives: 15' X6M, 12' R8 V10, Join Date: Jun 2008 Location: Houston Texas iTrader: (0)	you are in tough situation. After the credit crash lending is more difficult. If you buy from a dealer it's easier. Especially if you buy from BMW directly as they want to make money from the car and the loan. 50 percent down secures the loan. Consider this kind of option.
	Appreciate 0 Quote

10-21-2014, 06:38 PM	#4
Flying Ace Lieutenant General 4985 Rep 11,891 Posts Drives: G05 45e, 997.1 & 991.1 GT3s Join Date: Jul 2014 Location: SF, CA iTrader: (5)	you're saying, you can't find any lenders (other than car dealers' finance companies)? Or the car dealers' finance companies won't also extend you credit or give you a loan? This is very difficult for you b/c you have no credit history in the US. I have no solution for you other than check with your bank, other banks, credit unions, and small private banks. A good place to start is bankrate.com where they will show you all the independent lenders who are offering rates and loans. Are you here on a visa? Are you employed by a US company? You're actually a very high risk individual b/c you have no history of credit, employment, or reportable/verifiable assets.
	Appreciate 0 Quote

10-21-2014, 06:54 PM	#5
templarklimek templarklimek 141 Rep 868 Posts Drives: 15' X6M, 12' R8 V10, Join Date: Jun 2008 Location: Houston Texas iTrader: (0)	all true, that's why IMHO he is going to do better by going to a lender/producer of the car. they have more incentive to loan to him. 50 percent down is very helpful too.
	Appreciate 0 Quote

10-21-2014, 07:36 PM	#6
Sinful Banned 14 Rep 409 Posts Drives: Its black and has 4 wheels Join Date: Aug 2014 Location: USA iTrader: (0)	Buy from Carmax they have a tons of locations throughout the US. They have a huge selection and it cost peanuts to have them ship cars between their facilities. They can give you financing also. Don't buy private, private sellers always want more than the car is worth, plus if you find out something is wrong like it was in an accident, flooded, or odometer roll back your screwed. With Carmax they check all these things in advance and you can try the car for like 5 days and return it at ZERO cost if you dont like it. www.carmax.com
	Appreciate 0 Quote

10-21-2014, 09:31 PM	#7
AriuSen Lieutenant Colonel 777 Rep 1,923 Posts Drives: Z4M Coupe Join Date: Oct 2014 Location: Los Angeles iTrader: (9)	yea...thanks everyone for your options. I am really really sad lol. I thought i was gonna have my first e92 this week, but i can see my dream fading away lol. even though its from private seller, owner sent to inspection and everything and the car is really new. only 5k miles on it. I will sleep tonight hoping for a better tomorrow with more luck. Still got some options that I will try. My parents they live here for 7 years now. They could co-sign it! LOL but they are very scared that I will get in an accident and injure someone, and that person sue my parents since they have got some real state. Anyone willing to co-sign? kkkk just kidding. good night all!
	Appreciate 0 Quote

10-22-2014, 06:34 AM	#8
mjposner Brigadier General 898 Rep 3,071 Posts Drives: 2020 Z4 40i Join Date: Mar 2011 Location: Southwest Florida iTrader: (3)	Penfed is for miltary only. Co-signers on loans who are not listed on title have no liability for accidents (they are not owners) If the seller owns it free and clear see if he will finance. Go to where you family business banks, they will likely help if you dad asks them too, because they want to keep his business. Buy from a pay here lot for now, and work your way up (its the American Way). __________________ Previous BMW: 16 M4, 13 M6; 14 M235i, 12 BMW M3; 11 BMW M3; 08 BMW M3; 08 BMW Z4M; 04 X3; 02 M3 Convertible; 02 M3; 00 M Roadster; 94 325 convertible; 92 325i Convertible; and 85 635csi My Car Photo Blog: http://carfisheye.blogspot.com/
	Appreciate 0 Quote