[karliejai]

Especially if the car is an older model, most of the banks do not offer a loan. The only option is a personal loan (but the rate are high on those)

I am wondering how do people normally take out a loan or what kind of loan they take out or do u pay out of your own pocket?

[CollinsE90]

I got one from my credit union(auto loan, not personal), they gave me a cashiers check and I brought back the title to them.

[MisterSkiMask]

what are you trying to buy?

usually use cash, your own real money, or secure financing like chase auto finance or something like that.

You could also have a dealer handle the transaction, you will pay a bit more, but they may be able to get financing for you. Again you will end up paying for it.

[Litos]

pay cash.....

[Gavin@MMW]

3 easy steps:

1. Find a car you like

2.

3. Drive away quickly

[JayKay335i]

Handguns.

[BlackMoupe]

Barter using small children or annoying family members.

[VenomBMW]

I avoid private sellers unless I'm speaking to them face-to-face with the car nearby. But usually cash is how'd you go about doing it.

[darkcloud]

a fist full of blood diamonds. maybe just me though

[boymonkey]

If you need a loan try getting a line of credit. Otherwise just pay cash.

[BrokenVert]

Cash. And I always see the car before handing any cash over


Or paypal linked to my credit card

[darkcloud]

Originally Posted by BrokenVert

Cash. And I always see the car before handing any cash over


Or paypal linked to my credit card

come on, it's totally legit when an African Prince wants payment before shipping the car

[BMWinNorthdakota]

I pay cash

Get on my level.

[BrokenVert]

Originally Posted by darkcloud

come on, it's totally legit when an African Prince wants payment before shipping the car

When I was looking at an E30 I found one with a 3 day return policy shipped from Atlanta. I loled at the seller

[karliejai]

Originally Posted by MisterSkiMask

what are you trying to buy?

usually use cash, your own real money, or secure financing like chase auto finance or something like that.

You could also have a dealer handle the transaction, you will pay a bit more, but they may be able to get financing for you. Again you will end up paying for it.

found a 03 e46 M3 around my area with only 32k miles. If i do get the car, it will def be a face to face transaction. I just dont have $20k laying around to get the car.

Both my personal bank and my business bank do not offer auto loans with a car thats 8 years old. They both tell me I would have to get a personal loan but the rates are like 8.xx% - 9.xx% as their standards (which is quite high)

Might try to hit up my parents' credit union or ask them to take out a loan for me if that is the last resort.

Just want to see what people usually go about purchasing a used car from a private seller (especially with older models since most bank do not give out auto loans for those)

[CollinsE90]

Originally Posted by karliejai

found a 03 e46 M3 around my area with only 32k miles. If i do get the car, it will def be a face to face transaction. I just dont have $20k laying around to get the car.

Both my personal bank and my business bank do not offer auto loans with a car thats 8 years old. They both tell me I would have to get a personal loan but the rates are like 8.xx% - 9.xx% as their standards (which is quite high)

Might try to hit up my parents' credit union or ask them to take out a loan for me if that is the last resort.

Just want to see what people usually go about purchasing a used car from a private seller (especially with older models since most bank do not give out auto loans for those)

same thing for me when I bought my e46, but my dad was in good with his credit union and they did the auto loan for me

[double_j]

Originally Posted by karliejai

found a 03 e46 M3 around my area with only 32k miles. If i do get the car, it will def be a face to face transaction. I just dont have $20k laying around to get the car.

Both my personal bank and my business bank do not offer auto loans with a car thats 8 years old. They both tell me I would have to get a personal loan but the rates are like 8.xx% - 9.xx% as their standards (which is quite high)

Might try to hit up my parents' credit union or ask them to take out a loan for me if that is the last resort.

Just want to see what people usually go about purchasing a used car from a private seller (especially with older models since most bank do not give out auto loans for those)

There's a reason that banks won't give collateralized loans against a car that's 8 years old.

Do you really want to be making monthly payments for the next two to three years on a car that's already 8 years old? At that point, age trumps mileage and things will likely break down no matter how well cared for the car may be.

Do what many of us had to do to own an M3. Buy a new or relatively young reliable but admittedly cheap car for which you can get a bank loan. Make your payments, build some equity, and make it your goal to save another couple of thousand per year at the same time. Repeat as many times as necessary until you have enough 'in the bank' to afford an M3 (or at least enough to make a very healthy down payment towards the car).

...or have your parents get the loan for you.