How to get private party auto loan?

I had an identity theft and my credit was shot. When I needed to get my first auto loan recently (I had always paid cash) I put a bunch down at a relatively high rate.





I'd like to get a more expensive car from a private party in about 15-18 months after I pay off my current auto loan (from a dealership) early. What type of FICO score do I need to get an auto loan to buy a car from an individual rather than a dealer? Does a perfect record on my current auto loan count, even if I don't fix any of my other credit?

How to get private party auto loan?
Auto finance is what I do for a living and if you are going to purchase a vehicle from a individual, you must get your own money from a bank.





They will base the approval on the same things that dealer lenders do which are;





1. LTV (loan to value).


2. Term requested.


3. Age of vehicle.


4. Miles on vehicle.


5. Time on job.


6. Time at residence.


7. Down payment amount.


8. Monthly income before taxes.


9. Credit score/profile.


10. Debt to income ratio.





Most private banks loan only N.A.D.A. loan value which is far less then wholesale or retail. So you will most likely need a large down payment.





As far as your previous car loan, yes the banks will take the pay history into consideration when they look at your application.
Reply:Good.





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Good Luck Report Abuse

Reply:Hi,





Yes, your perfect on your current auto loan does count. I don't see any problem for you in getting a new auto loan if you could convince your lender about your repaying capacity. You can visit http://www.autoloanguide.info and find out more info. Good luck!
Reply:Beware of Advance fee Loan scams.





http://www.ftc.gov/bcp/conline/pubs/tmar...
Reply:No doubt the easiest way to get insurance quotes is on the web.


Why would you waste your time on the phone calling around?


the last time i needed quotes on insurance i used one of these comparison sites and it was great.


this is the site i used and it was quick like less than 5 mins.


The last thing I want to do is listen to elevator music while waiting for a salesman.


Anyway I got good quotes and ended up saving money so I was happy.


So shop around and compare quotes which is easy on the net.


Good starting point is at this site.





http://www.safelinked.info/go.php?link=a...





Good luck.