Best FCUs for private party financing?

xmiggiex · 06-22-2021, 10:37 PM

Hello all,

I am currently in touch with a private dealer (mom and pop dealer) to buy a beautiful E92 M3.

The trouble that i am running into is that I am trying to finance the M3 and they dont have in-house financing which means i need to find my own bank. The car is out of state and through a private party. I have had some trouble getting a bank to say yes to these conditions as I qualify as a borrower, but not for a private sale. (They want me to buy a car from a big dealership they recognize).

What credit unions/banks do you guys know or use that can help me with this scenario as im sure many forum buyers run into. Thank you.

BayAreaE93 · 06-22-2021, 11:19 PM

I know Bank of America offers private-party used car purchase loans, but their requirements are that it be 10 or less years old and under 100,000 miles.

NascaBmw16 · 06-22-2021, 11:34 PM

try penfed.org

CHSe92 · 06-23-2021, 12:56 AM

Lightstream through Suntrust bank might be another option here

BeaterM3 · 06-23-2021, 10:17 AM

DCU offers private party as well, 10 years old or 100,000 miles

Hivand_M · 06-23-2021, 12:25 PM

Quote:

Originally Posted by xmiggiex

Hello all,

I am currently in touch with a private dealer (mom and pop dealer) to buy a beautiful E92 M3.

The trouble that i am running into is that I am trying to finance the M3 and they dont have in-house financing which means i need to find my own bank. The car is out of state and through a private party. I have had some trouble getting a bank to say yes to these conditions as I qualify as a borrower, but not for a private sale. (They want me to buy a car from a big dealership they recognize).

What credit unions/banks do you guys know or use that can help me with this scenario as im sure many forum buyers run into. Thank you.

Try out Logix as well. They financed my 2005 911 back in 2016 from a private dealer.

Ubersmooth · 06-23-2021, 01:28 PM

Navy federal financed a 2008 E92 with higher miles at a very low rate for me a few months ago

S65 SCHNAUZER · 06-23-2021, 01:37 PM

+1 for DCU

Cyberdemon · 06-23-2021, 01:48 PM

Lightstream was great and super fast and it's important that they're an unsecured loan, which basically means your car remains lien free which is nice if you have to sell it, vs a typical bank loan.

Most credit unions won't do more than 10 years old which if you want a 2010 or earlier is a problem.

pbonsalb · 06-23-2021, 02:29 PM

Someone bought my 08 M3 a couple of months ago using DCU.

xmiggiex · 06-23-2021, 02:30 PM

I appreciate everyones replies. All great options. Cant wait to make this happen and get myself into a M3.

Vedubin01 · 06-23-2021, 09:16 PM

I did mine through American Airlines credit union for 2.5 percent a little over a year ago

JW330xi · 06-24-2021, 09:58 AM

I have also used Lightstream and had a good experience with them. The process was super quick and easy.

SpacegrayMe90 · 06-24-2021, 10:08 AM

LightStream.

Excellent customer service.

HGreen335 · 06-25-2021, 08:19 AM

DCU

06-22-2021, 10:37 PM	#1
xmiggiex New Member 21 Rep 29 Posts Drives: 2011 BMW M3 ZCP Join Date: Apr 2021 Location: California iTrader: (0) Garage List 2011 BMW M3 [9.00]	Best FCUs for private party financing? Hello all, I am currently in touch with a private dealer (mom and pop dealer) to buy a beautiful E92 M3. The trouble that i am running into is that I am trying to finance the M3 and they dont have in-house financing which means i need to find my own bank. The car is out of state and through a private party. I have had some trouble getting a bank to say yes to these conditions as I qualify as a borrower, but not for a private sale. (They want me to buy a car from a big dealership they recognize). What credit unions/banks do you guys know or use that can help me with this scenario as im sure many forum buyers run into. Thank you.
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06-22-2021, 11:19 PM	#2
BayAreaE93 Private 42 Rep 69 Posts Drives: BMW E93 M3 DCT Join Date: Sep 2020 Location: Bay Area, CA iTrader: (0) Garage List 2008 BMW M3 [0.00]	I know Bank of America offers private-party used car purchase loans, but their requirements are that it be 10 or less years old and under 100,000 miles.
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06-22-2021, 11:34 PM	#3
NascaBmw16 Private First Class 39 Rep 171 Posts Drives: M3 E90 Join Date: Oct 2019 Location: Pompano Beach,FL iTrader: (1)	try penfed.org
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06-23-2021, 12:56 AM	#4
CHSe92 Private First Class 252 Rep 159 Posts Drives: BMW M3 Join Date: May 2020 Location: Charleston iTrader: (2)	Lightstream through Suntrust bank might be another option here
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06-23-2021, 10:17 AM	#5
BeaterM3 Lieutenant 167 Rep 420 Posts Drives: E92 335XI (sold)/E92 M3 (sold) Join Date: Jun 2018 Location: Just outside of Boston iTrader: (0) Garage List 2010 BMW M3 [0.00]	DCU offers private party as well, 10 years old or 100,000 miles
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06-23-2021, 01:28 PM	#7
Ubersmooth Captain 316 Rep 977 Posts Drives: E92 335i Join Date: Jul 2013 Location: NoVa iTrader: (1)	Navy federal financed a 2008 E92 with higher miles at a very low rate for me a few months ago
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06-23-2021, 01:37 PM	#8
S65 SCHNAUZER Second Lieutenant 92 Rep 235 Posts Drives: M3 E46 - TiAg/Cinnamon Join Date: May 2020 Location: ATX iTrader: (0)	+1 for DCU
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06-23-2021, 01:48 PM	#9
Cyberdemon Brigadier General 1538 Rep 3,331 Posts Drives: 2020 X5 40i, 2018 M3 Comp Join Date: Jun 2012 Location: Long Island NY iTrader: (3)	Lightstream was great and super fast and it's important that they're an unsecured loan, which basically means your car remains lien free which is nice if you have to sell it, vs a typical bank loan. Most credit unions won't do more than 10 years old which if you want a 2010 or earlier is a problem. __________________ Current: '20 X5, '18 M3 ZCP Previous: '11 E90 335i, '11 E90 M3, '16 VW GTI, '15 M235i, '13 335i, '08 TL-S, '00 Corvette
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06-23-2021, 02:29 PM	#10
pbonsalb Lieutenant General 5234 Rep 10,616 Posts Drives: 18 F90 M5, 99 E36 M3 Turbo Join Date: Feb 2011 Location: New England iTrader: (4)	Someone bought my 08 M3 a couple of months ago using DCU.
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06-23-2021, 02:30 PM	#11
xmiggiex New Member 21 Rep 29 Posts Drives: 2011 BMW M3 ZCP Join Date: Apr 2021 Location: California iTrader: (0) Garage List 2011 BMW M3 [9.00]	I appreciate everyones replies. All great options. Cant wait to make this happen and get myself into a M3.
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06-23-2021, 09:16 PM	#12
Vedubin01 Banned 943 Rep 635 Posts Drives: 2013 E92 M3 Join Date: Dec 2019 Location: Orlando iTrader: (0)	I did mine through American Airlines credit union for 2.5 percent a little over a year ago
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06-24-2021, 09:58 AM	#13
JW330xi Private First Class 17 Rep 147 Posts Drives: 2010 E90 M3 Join Date: Jun 2008 Location: Crystal Lake, IL iTrader: (3)	I have also used Lightstream and had a good experience with them. The process was super quick and easy. __________________ Current: 2010 E90 M3 - Jerez Schwarz Past BMWs: 09 335i - 06 330xi - 98.5 M3 - 98 M3/4 (x2) - 97 M3 - 91 318is S50 swapped - 87 325is M-Tech 1 - 85 Euro Spec 325
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06-24-2021, 10:08 AM	#14
SpacegrayMe90 First Lieutenant 134 Rep 372 Posts Drives: 2010 e90M3 Join Date: Apr 2012 Location: NYC iTrader: (0)	LightStream. Excellent customer service.
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06-25-2021, 08:19 AM	#15
HGreen335 Second Lieutenant 34 Rep 284 Posts Drives: N54 335i, S65 M3 Join Date: Apr 2010 Location: South Florida iTrader: (0)	DCU __________________ 2009 E92 M3 Coupe DCT (Alpine White/Black Novillo) Borla Exhaust, VRSF Test Pipes, BMC Filter, Alpine Tune, ST Coilovers, Stoptech ST60 2007 E92 335i Coupe 6MT (Space Grey/Coral Red) VRSF Downpipes, BMS DCI, Bigtom FMIC, E-85, JB4 ISO/MHD
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