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Considering buying a car from a private party. Teach me about financing.

S

Savij

Diamond Member
I'm thinking about buying a used Acura RSX type s. I've driven a few of these, and this one seems ok. I'm going to have my mechanic check it out and everything first, obviously, but I think I might make an offer on it. I've spoken to my bank and discussed getting a loan with them. That seems like a reasonable option, but is it my only option? Should I be looking for financing elsewhere? I only talked to sovereign bank, but I have accounts with BoA and ingdirect also. Should I talk to them also? Is there anything I should look out for or avoid?

Also the guy i'm buying from owes his bank for the car is there anything special about the transaction? What about buying a car that's currently registered in another state? I'll be registering the car in MA if that makes a difference.
 
If you can get in with a credit union, i'd go that way for sure. Interest rate is gonna be way lower than a regular bank. I get 4.45% on my $4,000 loan. Bank would've been upwards of 6-6.5%.

As for the guy owing his bank- I don't think so. You're bank/credit union/whoever just cuts him a check and he gives it o whomever he wants. Just make damn sure he's giving you a title, and check to make sure it's not a salvage title 🙂

When the title is given to you, just register it in your home state within 30 days i think is the limit.
 
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