whats a good way to buy a car? i have some questions, help plz

[junior h.m]

okay well as some of you might know i f'd up my car hitting a post... i got some insurance money but not enough,, i honestly dont want to go to a dealer ship and buy a car and drive something i dotn like ya know... well my point is, i seen this car on craigs list i want, its not that modded buits more like a projkt id like to do..he wants 8 grand for it but i dotn have all the cash, is their any financial place that will lend me money for a car or should i just get a personal loan and buy it....do you guys kind of understand me, thing i did forget to add is that the car im llooking at is being sold in private not a dealership, so you guys think a finance company will let me borrow the money still buy a dealership car,\ or can i possibly get a car loan? or should i get a personal loan? any help will be great thanks what ever rep i can give ill give it

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[greeen01civic4d]

tell u what u do, take the time, and do some research for what loan company has the best interest rate(fixed), ull be better off in the future, and pay it off sooner, and with less cost, check banks, and the dealership, see whose rate is better, when u go to get the loan, have the vin ready, as they will ask for it, and dont forget to check insurance rates on it too before u buy it

[junior h.m]

thanks for the advice man, i already checked out the insurance rate and the thing is that the car isnt in a dealer ship so do you think they will still loan me money for the car if i take them the vin of the car...its being sold privately

i guess i should add that

[PopcornPlaya]

Yes, you can get a loan on a private sale. The interest rate will be fairly high through a bank though (here it's around 15 percent on a 2 year loan for about 6 grand). I guess it depends on how much cash you have up front and how much you will have to borrow as to what kind of interest rate you will get. It also depends on what you will put up as collateral as to how they'll loan it to you (personal or vehicle loan). I'd personally recommend you do a carfax report or a lemon report on the car as well to make sure that it hasn't been significantly repaired or anything and has a lot of bondo on it. No sense wasting your money if the car has any chance of having significant damage that has been repaired. Just heck around and see what your options are. And, if you have money in some type of savings (401k or whatever you might have) that will cover it, I'd recommend borrowing against that and then you pay yourself back the money with the interest.

[junior h.m]

thanks man
i want to do a carfax on it as well, ima actually ask him to do it
by any chance do you know what good banks will do that for me, ( car loan)
im up in nor cal,,,,i mean rates also depend on your credit right?

[metalviper]

when i got my car, my parents when through this place called road loans. its specifically loans for cars for mid to low income people, but the car has to meet certain standards like mileage/condition and such, i dont really remember nemore but u might want t look into it

[PopcornPlaya]

Originally Posted by junior h.m

thanks man
i want to do a carfax on it as well, ima actually ask him to do it
by any chance do you know what good banks will do that for me, ( car loan)
im up in nor cal,,,,i mean rates also depend on your credit right?

I don't know of anything in Cali, as I'm on the opposite side of the country from you. I would suggest going to hometown banks over going to a national chain bank, as they're easier to get a loan at and the rate is better most of the time. You should be able to get a pretty decent interest rate right now, as the market is in awful shape. I do have to say though that some banks won't do a loan on a vehicle that is more than 5 years old, so you might want to check into that aspect as well.

[junior h.m]

Originally Posted by metalviper

when i got my car, my parents when through this place called road loans. its specifically loans for cars for mid to low income people, but the car has to meet certain standards like mileage/condition and such, i dont really remember nemore but u might want t look into it

hey thanks for the info, i looked into road loans, it seems decent, a question i have is did your parents do it throught the internet or is their a location that is available?

[metalviper]

idk. sorry dont remember. i think it was over the net though

[Connie]

I have found that local community credit unions have the best interest rates here in Iowa. Just a thought to check out.

I would not trust a carfax either, I would take the car off his hands for a couple hours and pay the $75 or so to get it a 100+ point inspection at some car place (Midas, Car X, Jiffy Lube, a dealership, etc.) That way you can be sure it hasn't been just fixed up in some shady place that doesn't report (and there are a few of them)