I need a car loan for $16,000. What is the best way to get it. The car is a Lexus GS from Maryland. Its through a private party, not a dealer. So I need to get the loan on my own. Please give me some options on how I should obtain the money. Thanks everyone....

I actually need $21,000 for the car. But I have $5000 cash to put down on the car/loan.

 

sell a kidney

 

If you work somewhere that has a credit union available to employees (or your parents do), I'd advise starting with that - rates are better as they are usually not-for-profit organizations.

Lots of online places, look for links on www.edmunds.com, lendingtree

Finally - walk into your local bank.

Don't put in credit apps everywhere you go as that can cause problems. Pic the one you want first.

 

yeah every time you apply credit, you lose points on your credit. unless you have a lot of points to lose, careful

 

I also agree with Dave...try a credit union first. If you try a bank, keep in mind that a used car loan will usually be at a higher rate than a new-car loan because banks generally consider a used car to be a bigger risk, especially if it is repossessed.....it is harder for the bank to recover the balance or re-sell it.
If you find the monthly payments too steep at first, the loan can be spread out over a longer period to lower the payment each month.....these days, 6 and 7-year loans are not unusual.

 

LMAO for 5 minutes i went to my credit union they have great rates !!!