can i finance a purchase if i buy a used car from the owner?

[skinem]

I've done it a couple of times through my credit union and have had zero problem. Better rates than quoted by a dealer for a like car both times.

If I remember, all I provided my credit union was the make, model, VIN, and mileage. I'm sure they checked to see that the loan to value was there, but otherwise, I don't know why it would matter to them as to where you got a used car...from a dealer or individual.

[Merc63]

Originally Posted by PHX2DCA

I'm not sure where the folks in this thread obtained their information.

From buying cars, duh. Capital One still does it for private parties, as well. What they switched on was no longer dealing with cars older than 7 years or 70k miles. But credit unions have no problems with it, and the rates are quite competetive.

[notnamed]

Rates do tend to be slightly higher on used but in this era of low interest rates it's really not a big deal. My credit union offers 1.49% new and 1.99% used.

The older the car is the trickier it may get to be approved and a higher down payment may be required. But really as long as the value of the car is at or more than the loan and you're not taking out a crazy long term you can get excellent rates used very easily. Assuming good credit of course.

[Jfoley650]

Ok,I’m trying to buy a 1984 Peterbilt from a guy and I don’t have the exact funds he’s asking for it,so I went to the bank to get a loan on it!they approved me for the loan with a down payment.the seller wants to avoid taxes and wants the loan money put in my bank account so he can draw it with personal checks and not be taxed.wil the bank I’m getting loan from allow that to happen or will they make him deposit it in his account and him pay taxes?