Loans for a Craigslist Car? Help me Oppo!

"Because Racecar" (racecargovroom) 06/24/2015 at 21:22 • Filed to: None

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Hi there Oppo, now I usually pride myself on the experience I have, but I’m not afraid to ask for help when I need it. I’m currently looking at a new truck on Craigslist and the asking price is $24,000. Now clearly I don’t have that kind of money, but I was looking into taking out a loan to pay for it. I have a few questions, and I’ll even put them in bullet points for convenience!

What APR would I be looking at? The truck is 10 years old

What do I need to bring in to them to make the process go smooth? Title, Carfax, KBB values?

Is there anything else I need to know going into this?

I thank you ahead of time for your help, most humble Oppo.

Birddog > Because Racecar 06/24/2015 at 21:29

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10 years old and $24k?

You’re looking at “Personal” or Revolving loans with high interest. Not a good idea..

Trust me. I’m working my way through a BK right now and I’ve been there.

Because Racecar > Birddog 06/24/2015 at 21:32

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I’ve done some homework and even at a 10% interest rate I’d be able to make payments, even though most places I’m looking at are asking anywhere from 9.1 to 9.6. Are these the norm for something like that?

RustedSprinter > Because Racecar 06/24/2015 at 21:34

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Is the seller financing? I’d wouldnt do it dude just find a 90s Ranger.

M54B30 > Because Racecar 06/24/2015 at 21:34

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This reeks of CP and a bank probably won’t underwrite a car loan. Looking at a personal loan i bet, and they don’t come cheap

dogisbadob > Because Racecar 06/24/2015 at 21:39

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Then don;t shop for $24000 trucks. Instead, look for a $2400 truck.

Because Racecar > M54B30 06/24/2015 at 21:39

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I probably should have put in it’s an 05 diesel silverado, 4X4 extended cab with 60k miles on it. $24k is around what they go for.

OPPOsaurus WRX > Because Racecar 06/24/2015 at 21:40

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I bet is the miles. I’ve heard banks are reluctant to go over 100k miles

1111111111111111111111 > Because Racecar 06/24/2015 at 21:40

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My credit union will do 5 years on used, no matter the age or whatever. It’s about 5%. The kicker is that they will only loan to kbb dealer price. That’s about equal to kbb poor value.

1111111111111111111111 > 1111111111111111111111 06/24/2015 at 21:41

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And my credit is fairly poor.

Because Racecar > OPPOsaurus WRX 06/24/2015 at 21:42

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60,000 miles, I’ve only been looking at personal loans though.

M54B30 > Because Racecar 06/24/2015 at 21:50

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Yikes. Regardless, i highly doubt a bank will let you do a car loan and personal loans are usually short term and high interest (relatively). Id imagine your payments would be $750+/mo unless they let you really drag it out.

My last car loan was $25k @ 1% and i was paying $500/mo for 5 years. Imagine you’ll have substantially higher interest and a 3 year term. For $750 (or more) per month, I’d rather buy new enough to get a car loan - maybe a CPO at a local dealer. You won’t find one for 24k but if you do the numbers and see what youre looking at paying for the entire loan term, the difference might be much smaller than you thought

Birddog > Because Racecar 06/24/2015 at 21:53

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In the 10% range sounds right. If it’s a Revolving account your minimum payment will probably just cover interest. A true payment will be double the minimum.

It’s the same calc that BHPH car lots like JDByrider use.

That’s just my experience. It may not be 100%.

I just don’t want to see an Oppo go down in flames.

Because Racecar > M54B30 06/24/2015 at 21:54

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Well what I’m looking at right now is payments of $500/mo over 5 years, but my bank offers secured loans with a fixed rate which is much lower. Would that even be worth looking in to?

blacktruck18 > Because Racecar 06/24/2015 at 22:17

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I am not trying to shit on your decision making at all, but, do you need that much truck? You could probably find a brand new 1500/F150 for that price.

To answer your original question:

If the KBB is as much as the price of the truck you shouldn’t have any problem with the loan value wise. Most banks base the value of the vehicle off KBB.

Try to find a local credit union and just get a normal car loan, they usually have better APR’s.

You don’t need to take them the title until you actually buy the vehicle.

Because Racecar > blacktruck18 06/25/2015 at 07:50

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I’m currently looking to get away from a 1500 truck because I need something that can haul more, without problem (and for me diesel is always a plus).

And the truck is $2000 under KBB, so will that have any affect with the banks?

blacktruck18 > Because Racecar 06/25/2015 at 09:58

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Not that shouldn’t be a problem at all. Oh ya I forgot to say this yesterday when you go to the bank have the VIN.

Because Racecar > blacktruck18 06/25/2015 at 10:01

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He’s supposed to email me the VIN today, will that make a difference? I planned on going to the bank today to ask them about rates and everything. Would it be better to wait until I get the VIN?

blacktruck18 > Because Racecar 06/25/2015 at 10:07

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No, I am sure you could just call and give it to them later. They will want it though. They will run check out the VIN/Title before they approve the loan.

If you have good credit and can verify your income getting an Auto loan is usually pretty easy.

Because Racecar > blacktruck18 06/25/2015 at 10:13

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Awesome, I have one final question for you if you don’t mind, Would a co signer lower my interest rates if possible? Or is that not really possible, especially if I go the personal loan route?

blacktruck18 > Because Racecar 06/25/2015 at 10:24

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No problem, yes and no, depending on your credit it is possible a co-signer could lower it. Just ask when you talk to the loan guy. I have never gotten a personal loan but I think the rates are usually higher, you might want to get a normal auto loan.

Did you look into credit unions? They almost always have better rates than normal banks.

Because Racecar > blacktruck18 06/25/2015 at 10:45

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I have been looking into credit unions also, I’m going to have to make a few trips to some places and see who can do what for me. I really appreciate you taking the time to help me out, thanks a ton!

blacktruck18 > Because Racecar 06/25/2015 at 10:50

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No problem, good luck.

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