i'm looking at an s2k, but it would require me to get about 10K from a credit union to complete the sale. I have 10K cash, car is worth 20K.

will i have to pay the same fees as if i was buying from a dealership? i.e. tax, title, registration, and anything else they usually squeeze out of you. if not, what DO i pay other than the loan itself and interest?

i have great credit, but only 3 years of history and no large financed item, i.e. cars. never been late on any credit card, personal loan, etc.

help me out! thanks =)

 

You do have to pay tax, title, and license, so add that to how much you'll need from the Credit Union.

I would definitely go with your Credit Union or another outside bank for credit. If you find you can't get a loan from a reputable ban, you don't want one.

When you get the loan, the bank will approve you up to a certain amount and give you a blank check to fill out for the dealer.

Also, be sure you're aware of the loan terms. They will only approve the loan for cars under a certain age that will appraise for or above the loan amount.

 

Lending institutions will typically charge you a fee for processing a loan, a credit union will probably charge the least amount of fees and interest, while the dealer will charge the most. Credit union is the way to go

 

The state dictates what the Tax, License, and Document fees are going to be so the cost will be the same regardless of who you buy the car from or how you finance it. The only difference is who actually processes the DMV paperwork and payment. Most CU's that I know of leave that up to the customer. Expect to spend some time at the DMV.

 

I live in California and am buying the car from a private party. No "stealership" sale. I got sick of their BS.

if the car is going to be sold for $20,500, how much in extra fees do i have to pay? also, does anyone know of a good credit union in los angeles?

i'm not sure exactly what i should be asking. i've never financed a car before. i just know my monthly budget and how much i should pay for the car.

 

i went through a similar process about 2 months ago. i bought a MY06 with 3650 miles up in the bay area and drove it back down to los angeles. i looked around a good bit and decided to go with my bank for the loan.

pen fed has some great rates and were very helpful throughout the process; but it was a little more difficult to finalize the loan with them since my private seller was in a different city.

i would also inquire at the credit union of your work place...if that's an option. also, check out citibank.

my fees at the dmv came out to approx 10% of the purchase price.

good luck.

 

It sounds like you're a little new to the car buying game. Make sure you get a price quote on car insurance as well if you're working with a "monthly budget." Some members find that the insurance costs are as high as their monthly car payment...

 

oh i already took into account insurance. got a quote, too. it's understandably higher than anything i've ever owned, but fits into what I want to pay for the car. i'm not so much worried about insurance as I am finding the right car for the right price. i'm just new to the buying from a private party using a credit union.

 

bump. thanks guys.

 

What year and miles is the car you're looking at?

What interest rate are you expecting?

If you are using all or most of your savings on this and going into debt on top of it, the best advice you could get in this thread is to not buy a $20k car right now.