jrzyboy24

I need a car loan for $16,000. What is the best way to get it. The car is a Lexus GS from Maryland. Its through a private party, not a dealer. So I need to get the loan on my own. Please give me some options on how I should obtain the money. Thanks everyone....

I actually need $21,000 for the car. But I have $5000 cash to put down on the car/loan.

Woogie

sell a kidney

DaveGS4

iTrader: (2)

If you work somewhere that has a credit union available to employees (or your parents do), I'd advise starting with that - rates are better as they are usually not-for-profit organizations.

Lots of online places, look for links on www.edmunds.com, lendingtree

Finally - walk into your local bank.

Don't put in credit apps everywhere you go as that can cause problems. Pic the one you want first.

rominl

iTrader: (4)

yeah every time you apply credit, you lose points on your credit. unless you have a lot of points to lose, careful

mmarshall

I also agree with Dave...try a credit union first. If you try a bank, keep in mind that a used car loan will usually be at a higher rate than a new-car loan because banks generally consider a used car to be a bigger risk, especially if it is repossessed.....it is harder for the bank to recover the balance or re-sell it.
If you find the monthly payments too steep at first, the loan can be spread out over a longer period to lower the payment each month.....these days, 6 and 7-year loans are not unusual.

lexusondubs

iTrader: (9)

LMAO for 5 minutes i went to my credit union they have great rates !!!