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Answers

How do I get a used car loan wihout any credit history?
To Buy or Not to Buy a Car

I have applied on a variety of online websites for a used car loan. They will deny me as I have no credit history. I tried CapitalOne and eLoan as well. My income is about $1400 monthly. I want a 10k loan to buy a used RSX from someone. I even tried getting the same car from a dealer but the guy told me to apply at CapitalOne which as I already said denied it. I don't have anyone I could use as a co-signer either. Any ideas how I can get the loan for this car without having to wait for better credit history?


You should look for subprime car loans.

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Where to get a used car loan for high mileage car?

Where can I get a loan for a used car with over 100,000 miles and about 9 yrs old? I will be buying from a private party and want about an $ 8 to 10 K loan. All of the loan companies/banks I spoke with have guidelines on the age and mileage of the car.


It's not about bad credit, it's about the age and mileage on the vehicle.

Your best option, if your vehicle is too old or too well-travelled to qualify for regular auto finance secured by the vehicle, is to look at obtaining finance with some other form of security.

If you can refinance a property you own and get cash out, you are effectively financing your vehicle at the lower home mortgage rate. Not only can you get credit when the banks apparently don't want to extend it, but it is actually at a lower rate of interest!

Check out the auto section at http://emergencyrefinancing.com for more details.

Shopping for a used car and trading in a vehicle when shopping for a loan how do they factor in the old loan?

I just would like to know how to shop for a used car loan while owing money 2k-3k more than what its worth on the prospective trade in vehicle. I understand that this will be rolled into the new car loan but the vehicle is going to be traded in regardless. Any input would be greatly appreciated.


The dealer is going to totally ream you on this deal, as they are not going to offer you even close to what your car is worth on the market.

This is not a Good idea. If you can keep your car running a few more years, you should do it.

ONLY if you plan to keep the newer car for 15 years or so will you come out even or close to it. Depends on the interest rate.

What does bank do if getting loan for used car?

I would like to apply for a used car loan through my bank. I have Good credit (750)
if the truck I want to get is not from a dealer, privet, what else does the bank do? Do they care what vehicle your getting, or do they like go inspect it, or kelly blue book it?


they will "blue book" the vehicle as well. They won't go inspect it -- that's your job.

you can "blue book" it yourself at edmunds.com on the web.

the value they like is the "trade in" value -- they'll want their loan to be at most that much. You provide the rest in cash.

most will happily handle the financial part of the deal right there in their office -- you sign the loan docs and your check for the down payment, they provide the payment in full, and the seller signs the title right there -- after which you get the keys on the spot and drive it to the auto license agency.



[no connection to edmunds except that i use them].

What qualifies as a dealer for a used car loan from a loan company?

I'm looking to buy a used car and I was looking for a loan on e-loan and noticed there was option for purchase from a dealer or private seller. IS a dealer anywhere that sells the car like from a lot or only from a car brand dealer?
Is it better to get a loan from a company like e-loan or finance from the dealership


A dealer is any individual that has a dealers license. It is better to go with the dealerships financing. E-loan does not always report to the credit, so a loan Thur them would not help your credit score. Dealerships use actual banks (as long as your not going to a buy here pay here)

Where can I find the best used car loan?

I'm looking to purchase a used car from a private party. What is my best bet to get a good loan? Any suggestions on where to look? I am located in NorCal.


If you're a credit union member, I would look there first. Unless another lending institute happens to have a special offer, it is probably your best bet.

Car loans a question for consumers now Detroit Free Press

Auto lending

Car loan rates are at record lows -- so now could be a great time to borrow money to buy a car. But given the tight credit markets, it's as important as ever to do your research before falling in love with that new pickup or hybrid.

• Know that car loans are available through dealerships, credit unions and banks. James Bell, executive market analyst for Kelley Blue Book, warned that even if a dealer says you qualify for an 8% rate based on your credit score, you might qualify for a lower rate of 6.5% or 7% through a credit union or bank.

• The finance and insurance office of a dealership is a main source of profit, Bell said, so don't drop your guard once you try to work out financing.

• Compare car prices and deals. See www.kbb.com or www.edmunds.com. Edmunds has an online calculator that helps you figure out how much car you can afford.

• Pay your bills on time and don't open new credit cards several months before applying for a car loan.

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