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.

I had this problem with my credit union. I resolved it by not buying the CR I was looking at in AZ and buying a base model locally.

Banks are weird by you. I've bought multiple out of state cars from private party through both of my credit unions. So strange they won't do it!

Try CapitalOne, they offer a blank check program in which you apply, get approved for up to a certain amount, then send you a blank check to not exceed the approval amount. It worked for me a few years ago, good luck!

e-loan.com does the same thing and I have used it to purchase a car before. Worked really well and ended up being slightly lower APR than the banks for me at the time due to having mediocre credit.I personally cant stand CapitolOne.

You might try a federal credit union. they can offer lower interest rates and whatnot cause they are insured by the gov.. I just joined the honda federal credit union here in ohio by the main plant. they financed me no problem where my old bank wouldnt.

if it comes down to it you could finance threw someone else get the car and then refinance threw your bank (may cost a little in extra fees)

sorry for bad spelling in a hurry

The seller has a lien with CapitalOne and I would not mind financing with them as well but they do not do private part loans. Don't know if they can make an exception to this. Right now I'm just looking for any bank that would allow me to finance private party out of state and once I do I will probably refinance with my bank.

They do private party loans. I used them about five years ago!

PenFed. 1.99%

Go to a different bank?

how about the old fashioned way, you know save your money up for one and dont have a loan. You should never borrow for your fun car. My advice, save up and you will appreciate it a lot more.

Best way to do it :) no loans

I hear PennFed has 1.99% interest rates?

Im having the same problem, i located "the one" but bank wont finance "sports cars" i hate this!!!

can you get a co-signer? Thats what my buddy did for his S and another did for his RSX S

Try Bethpage Federal Credit Union if they have one by you. Cap One doesn't do private loans.

Penfed worked for me. I couldn't get any local bank or credit union to finance my S.

Do you have a good down payment ready for it? Some credit unions like seeing a good down payment.

Do you have any other loans out? High credit card debt? Bad credit score? All these come into play when trying to get a personal loan or new car loan. Trying to figure out why they won't give you a loan without details is very difficult

^^^ no, the reason I can't get a car loan is most banks that I talk to (boa, fifth third, capital one, wells fargo) will not offer private party loans. If bought from a dealer then it would be fine. Suntrust bank would offer me a loan but they require the seller and buyer to be present at a branch to close, and there are not any branches in the state where the seller is located...well I decided to hold off on the deal and look for one nearby.

I screwed up my credit when I was younger. Never a late payment on credit cards or loans, just collections on a few things I either didn't know about or refuse to pay. I saw one locally at our dealership that was almost exactly what I wanted. Pretty new (2008), silver (Chicane Silver), and low miles (17k). Applied for financing at the dealership, and none of the banks would finance me. Applied with my bank Navy Federal Credit Union and they approved it with a high-but-not-crazy interest rate of around 8%. In 6 months or so I'll refinance. They also didn't have a bank here, which isn't really a problem since I have direct deposit, can deposit checks at nearby banks, and can withdraw at some banks for free, but to pick up the loan I had to go for a 3 hour drive. They were willing to cut a check for a private party without them being there, but I ultimately bought from a stealership. On top of that, they approved me for a $10k credit card with 12% interest which almost half of my other cards, and double the limit of all my other cards combined!

They're a good bank, if you're with DOD/military.

I just did a private party sale thourgh BofA. See if they will do it. Just make sure the seller is willing to wait alittle because BofA isn't what I would call fast with their process. I was also strongly advised to stay away of Capital One for anything but that could be different for you.

Thats is always the best way, dont now about the OP; but here in dominican republic salary rates arent as good as USA (I make 11,000 a year and im a well paid employee!!!!). So basiclly the finance game is very big here. Example, the S2K that im planning on buying MY01 costs 10,132 its a great deal right now sine in the whole country theres just 3 in total for sale, were 2/3 have been totalled and fix mine would be the only 1 with a clean title... if i start saving i dont think its going to last long on the market... plan, moving fast!

This is what im trying to do right now since no bank want to finance sports cars :ponder: Hope this will work so i can finally be in my dream. :faint:

PenFed and NFCU are both great...

I sold my race car (CRX) and all my parts and saved up on top of that for over a year. Try selling other cars and stuff and go from there.