I need some advice, I've never bought a car from an individual before that I havn't paid cash for. Now I'm looking to finance an '02 but its in NC and my bank which I usually get financing through won't do the deal because of that. Loan amount and credit are not the issue, just the fact that they don't want to give me the check without having the title in hand. I'm not sure how to go about the deal and was hoping someone with some experience could help. Any advice is appreciated.

 

Go through a dealer/broker and have the seller do a consignment. It'll add a couple hundred $ but should solve your financing problems.

 

I am in the process of doing this right now. I sold my car and I have to give the title to the loan company. I was unfortunate to only have 1 payment left, otherwise the loan company would have paid it off themselves. Now I finish paying it off and am gonna send them the title as soon as I get it.

Just cuz they get the title dont mean I will be without a car. I wont hand over the keys until I get my $$. I'm sure your loan company can do the same. They will have to pay off the car to transfer it over to you though.

 

I forgot to mention that the current owner of the car is free and clear so there is no lien against the car right now. Thats whats creating the problem I think, if there was another financing company involved they could probably just transfer it from one to the other.

 

Well, then he should transfer over the title to you so he can get paid. Then once you get the $$ for the car, you go to him and give him the $$ and he gives you the keys. That's how I am doing it right now.

Sad thing is the seller has to go by trust. He can send in the title and have it signed over, but if you dont pay for it, he wont give you the keys. The bank only needs the title not the car.