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I have a potential buyer for my pickup. Only problem is the $$$. He needs to get a loan to buy the pickup. I am willing to loan him the money, but I need some way to make it an official loan so I don't get screwed. Does anybody know of any places that handle stuff like this? Or, does anybody know of any companies that do used car loans? The pickup is a 96 and he only needs to borrow $1500 - $2000. Thanks in advance.
Nubbs
B of A should be able to do it
Do not do it...you will regret it
most banks do used car loans.. i know mine, Union Bank Of California does.. they even do classic car loans.. www.uboc.com, just as long as he doesn't have any BK's and a decent fico score.
I personally would not do it. If you were make sure you draw up a contract saying the ammount, WHo is getting the cash, payment plan, intrest, location of the vehicle, that if hes late/ does not pay you will repo it, he has full coverage for ins, and about a dozen other things that will come to me after I turn my pc off.
Bottom line any1 should be able to get 1.5-2k. I mean hell if you have a job and account at a bank/CU and they don't give you a loan for that much: You ether have way fooked criedt or you need to find a new bank.
I personally would not do it. If you were make sure you draw up a contract saying the ammount, WHo is getting the cash, payment plan, intrest, location of the vehicle, that if hes late/ does not pay you will repo it, he has full coverage for ins, and about a dozen other things that will come to me after I turn my pc off.
Bottom line any1 should be able to get 1.5-2k. I mean hell if you have a job and account at a bank/CU and they don't give you a loan for that much: You ether have way fooked criedt or you need to find a new bank.
You enter into this type of deal and the guy gets into a wreck without insurance, you could possibly be liable or at minimum get pulled into a law suit.
I think what we are all trying to say is you may be trying to help someone out and it may all backfire in your face.
These deals just have a way of going down the shit-er real quick.
Just my opinion. :rollside:
I told a girl I worked with last year that she could make payments of $50 a week on my winter beater toyota I was selling for $400, Because she needed a car and she was broke. I almost considered just giving it to her, but since this is a capitalist country and all, plus I'm a dick. :rolleyes: Well to make a long story short, she paid me $350, got fired, then dissapeared, and wouldn't return my phone calls. I figured it wasn't worth messing with for $50. Then she got herself arrested a few months later and got the car impounded about 50 miles away from here. The cops called me because the car still was in my name. Since I couldn't get a hold of her, I just went paid the $25 fee and picked up the car again and sold it to somebody else for $500 this time, thereby making $825 off a car I paid $50 for last fall. Sometimes it all works out! :p But I wouldn't do it again. The cops told me if she had had drugs in the car or something, I could have been charged since the title was in my name. DOH!
A couple friends have made these kinds of deals in the past. Both were because they felt sorry for the person....... :crossx: :crossx:
Trust me if a BANK will not loan him the money there is a VERY GOOD REASON!!!!!!
3 months from now when the tranny goes this will be him on the phone saying I can't pay you.... :argue: