So close to owning my 1st s2k but...
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So close to owning my 1st s2k but...
Hey everyone, I finally found "the one" after searching for about a month. Spoke with the seller and we agreed on a price but all the banks I spoke to will not finance for a private party sale. Suntrust bank would but the only problem is since I'm located in North Carolina and the seller is in Ohio, they will not finance the car without both of us present at a suntrust branch, and there are not any branches in Ohio. Trying to get the car next weekend and this is the only thing holding me back...ahhh
Anyone have any experience or advice they would like to share? This is my first private party purchase and didn't think it would be this difficult with the bank.
Anyone have any experience or advice they would like to share? This is my first private party purchase and didn't think it would be this difficult with the bank.
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From: Somerville, MA
A month isnt that long, a lot of cars tend to go up for sale around these months, look into getting a good deal off someone in your area, Im sure some will pop up in a couple of weeks or so.
Assuming you have been to every financial institution -
Your other options are going from the least expensive to the most are
refinance your home mortgage ( if you own the house ) - For an increase in your mortgage, the value of the new mortgage amount cannot exceed 80% of the appraised value of the property. This would basically absorb your car financing into the mortgage which gives you a pretty nice interest rate.
Line of credit - decent rates and no questions asked if you have one already. Chances are if you have had an account with the bank for long enough they will likely offer you one if you ask for it.
Personal loan - higher interest rate but more flexible on the reason for the loan.
Credit Card- If it comes down to this... dont buy the car
There are other options in terms of getting it through a dealer. The way I purchased my S was the private sale guy sold it to a dealer who gave him his new car so when he had to pay taxes on the whole transaction, he paid on the difference in the prices, he worked out something with the dealer such that he would sell the car to me at the same cost he gave it to the dealer for. In Canada when a dealer registers your car at the DMV, you pay tax on the purchase price rather than the deemed value of the vehicle by them. That way all 3 of us benefited at the end of the day
Good luck anyway!
Assuming you have been to every financial institution -
Your other options are going from the least expensive to the most are
refinance your home mortgage ( if you own the house ) - For an increase in your mortgage, the value of the new mortgage amount cannot exceed 80% of the appraised value of the property. This would basically absorb your car financing into the mortgage which gives you a pretty nice interest rate.
Line of credit - decent rates and no questions asked if you have one already. Chances are if you have had an account with the bank for long enough they will likely offer you one if you ask for it.
Personal loan - higher interest rate but more flexible on the reason for the loan.
Credit Card- If it comes down to this... dont buy the car
There are other options in terms of getting it through a dealer. The way I purchased my S was the private sale guy sold it to a dealer who gave him his new car so when he had to pay taxes on the whole transaction, he paid on the difference in the prices, he worked out something with the dealer such that he would sell the car to me at the same cost he gave it to the dealer for. In Canada when a dealer registers your car at the DMV, you pay tax on the purchase price rather than the deemed value of the vehicle by them. That way all 3 of us benefited at the end of the day
Good luck anyway!
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Steve2K
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Jan 3, 2002 10:30 PM