I am rather new to the forums, but I joined mainly to read about the RX-8 as much as possible before purchasing one. I was a Honda fanboy for 7 years, ricey mods and whatnot. Then I grew up. I am looking to get an RX-8 and keep it stock, 100% the way Mazda wanted it (with the exception of a way to hook up my iPod).

Anyways, I was wondering if anyone had any advice about auto financing for purchasing from a private seller. Is this even possible? I don't have much of a credit history aside from credit cards, but my credit score was a 762 (checked last month), and I have about $2500 to put down (if a down payment is even an option). Please help, I saw a very nice 8 for 12,000...

 

Look up the credit unions in your city. Most only require that you live in the same city. They are non risk based. I use them myself for your exact scenario. I bought my last three cars this way.

Take care,

Brian

 

If nothing else, get pre-approved at the credit union or bank before negotiating with the dealer. You can use that as leverage if they offer to finance. With a credit score like that, you shouldn't have any problems getting a loan.

 

I took a 13k loan through Wells Fargo with at 5.5% with nothing but credit cards to base my credit on. It was a 5k downpayment. They have a special section for "private party" auto-loans and they'll give you a check long before you buy it. I had the check as soon as my eBay auction finished.

 

So for all the diffrent methods of obtaining credit for purchase from a private seller, does it always have to be local?

 

Nope. There are atleast a few loan companies online willing to work with you to purchase from a private party. For instance, check out www.up2drive.com. You can google and find more, I'm sure. Sometimes the APR is a little higher than going through a dealer, but not by much.