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Used car loans

Discussion in 'Off-Topic Discussion' started by mthancoc, Aug 29, 2016.

  1. Aug 29, 2016 at 9:46 AM
    #1
    mthancoc

    mthancoc [OP] New Member

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    martin
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    Tacoma w/ lift kit
    lift kit, floor runners, 4x4, long bed
    I've come to understand that most big banks, like Chase in my case, no longer offers auto loans for vehicles purchased from private parties. I guess there's much more risk for them involved.
    I have good credit and plenty of cash for down payment. Does anyone have any suggestions as far as where to go for this? I've read about Roadloans and some other more popular lending services.

    Any input would be appreciated.
     
  2. Aug 29, 2016 at 9:51 AM
    #2
    LTacoman

    LTacoman Well-Known Member

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    Gilbert, Az
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    Depending on where you are located, but most Credit Unions will. I know for a fact that Penfed does as well as Desert Schools CU (in AZ)
     
  3. Aug 29, 2016 at 9:57 AM
    #3
    mthancoc

    mthancoc [OP] New Member

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    martin
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    Tacoma w/ lift kit
    lift kit, floor runners, 4x4, long bed
    Thanks. I'll check out Penfed.

    Other suggestions are appreciated.
     
  4. Aug 30, 2016 at 2:10 AM
    #4
    kingk0ng

    kingk0ng Well-Known Member

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    just a few things.
    Patelco? Fire or police credit unions. Wells Fargo?
     
  5. Aug 30, 2016 at 2:24 AM
    #5
    coffeesnob

    coffeesnob Well-Known Member

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    big banks must be in cahoots with dealers
     
  6. Aug 30, 2016 at 3:51 AM
    #6
    PottMatter

    PottMatter Well-Known Member

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    CoLoRfUl CoLoRaDo
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    I just bought my 2012 Baja at a better rate by getting approved for a loan through my CU and then hit dealers letting them know my terms and made them beat it....went from 4.59 to below 3 on it and saved a tone of cash:bananadance: And I did it with a below 550 credit rating and 0 down...just needed a good co-signer
     
  7. Aug 30, 2016 at 3:55 AM
    #7
    crazysccrmd

    crazysccrmd Well-Known Member

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    Just shop around at various credit unions. My last two used vehicle purchases have been at 2% interest.
     
  8. Aug 30, 2016 at 10:06 AM
    #8
    se7enine

    se7enine MCMLXXIX

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  9. Aug 30, 2016 at 10:07 AM
    #9
    eon_blue

    eon_blue Most Improved Member

    Joined:
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    Even buying through a dealership I had a hard time finding a bank that would give me a loan on my 2004 Tacoma I picked up last March. Had super low mileage (24k) but still, no bank wanted to finance the loan since they usually don't on vehicles over 10 years old.

    Wells Fargo came through though, so maybe look into them.
     

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