ive been calling different banks trying to find one who offers loans for private party purchases for a car that's a 2004 or newer. every bank I've contacted so far will only do an auto loan with a dealer and then on top of that, most of them wont finance a car that is more than ~7 years old. does anyone know a financial institution that might offer such a loan?

side note: i'd prefer not to do a personal loan since its about 3%+ higher rate than the auto loans ive seen advertised.

not sure if this was the right forum to put this in so feel free to move it if necessary. thanks in advance for any help

 

Navy financed my r32 as a personal and It wasn't too bad.. They may finance it without using it as a personal also I just didn't have the right amount of established credit.

 

Bank of America will do 10 years for used cars.

 

i used Bank of America. Best rate i was able to find. Just has to be a clean title car.

 

personal loan through a credit union, is what helped me get an ap1

 

Credit union all the way. Wells Fargo gave me the same line about not loaning on older cars. Went to a credit union, had a loan the next day with a good rate. I have since moved most of my savings there as well. They are just better to work with all around.

 

USAA will finance 2007 and older (oldest rate bracket). I've financed a 2 cars purchased from individuals with them. One was only 1 year old at the time. The other was 4 years old at the time.

Suggested above but don't overlook credit unions and banks other than the majors.

 

We have financed several cars with Navy federal. They have new / used car loans. Interest rate was meh.

 

Credit unions like a few has stated, they are more flexible and can also give you a better rate.

 

Just did a 2004 through PenFed.org. Paid $15 donation to one of the two organizations and made a $5 deposit to an account to become a member. 60 months at 2.99%. Has to be at or under NADA retail value though.