Hatteroo

iTrader: (25)

Ok so im looking to get an 04/05 STi in the fall, and im looking at the private party market as they are much cheaper and when i find the right one ill get it inspected by a local shop. Here is my question though...for those who bought their STi, WRX, or any car in a private party fashion did you try to finance it somehow? If so, how did you finance a private party purchase? I'm trying to find out from experiences how it goes and what to do.

nachomc

iTrader: (7)

Go to a credit union and get preapproved first so you know how much you can spend. Find the car you like that is within the price range available and buy it. Your lender will likely ask you to do the deal at their office, which is no big. Just have the seller come to the bank with you. If the seller still owes money, the bank will pay off the other lender and pay the seller the difference between what they owe and the sale price. They'll take the pink slip and give you the keys.

FYI - I hear there's an AWESOME '05 STI for sale in Sacramento right now for $25k with super low mileage. I'd check it out if I were you. Tell em sonicsuby sent ya .

Hatteroo

iTrader: (25)

ohh yeaaa i completely forgot. thats basically what i did when i sold my 90 GT 5.0 to another guy and he went to his bank for the loan and all...and yes i know you're talking about scott's car lol im just not ready for it atm, and id prefer to get a wrb sti, plus i need to sell my car first thanks matt!

'05 STi

Gotta get a loan, bro. Check credit unions, as their interest rates are usually a little bit cheaper than those of banks.

easilyobsessed

Capital One has a program where they basically cut you a blank check...you fill out the check for the purchase price + TTL and that ends up being the amount of the loan. IIRC interest rates were rather reasonable, assuming you have good/excellent credit. I was considering doing this on a used EVO before I got the new WRX.

anthongy817

Hey, i'm in the situation as well. I applied through Capital One program and was approved. But when i read the vehicle requirements this is what it said:

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Vehicle Requirements:
Use your Blank Check at any franchised dealership or approved independent dealer /auto broker. Call us BEFORE you go to an independent dealer or auto broker to see if they qualify. Once you find the vehicle you want to purchase, you and the dealer must verify that the vehicle meets the following requirements.

* The vehicle must have a loan-to-value (LTV) that is less than or equal to 130% of the invoice for new vehicles or 130% of "NADA" wholesale/trade-in for used vehicles. New vehicles are defined as vehicles that have never been titled, are the current or next year's model, and have fewer than 6,000 miles.
* Recreational vehicles, conversion vans, and vehicles intended for commercial purposes are not eligible for financing.
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It says it has to be at a dealership or broker...how would i go about getting one for a private party?

Hatteroo

iTrader: (25)

you'd probably need to go through an actual credit union then. It said basically the same thing on www.eloan.com that www.edmunds.com had recommended.

anthongy817

What are considered an actualy credit union? Can you please list a couple? Thanks!

Hatteroo

iTrader: (25)

Travis Credit Union
Golden 1
etc

byoung

iTrader: (1)

Don't forget the $$ difference between your RS now and the STi on insurance. I think you were looking into that before.

Hatteroo

iTrader: (25)

i know, id be putting 10-12k down on the car and finance the rest...insurance would be roughly 3500 +/- through AAA with me having a clean record and being 20...im stilll looking into it though!

anthongy817

Man that's a lot for insurance. I have AAA and i just finished talking with the rep. and got the following quotes.

'06 WRX $1800 a year
'04 STI $2300 a year.

I'm only 18 with a clean record, driving permit discount, and good grade discount.