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Would a bank finance this.....

Discussion in 'Business Operations' started by oOTurfmanoO, Nov 18, 2007.

  1. oOTurfmanoO

    oOTurfmanoO LawnSite Member
    Messages: 245

    A truck from a private seller?

    It is usually relatively easy to get financed from a bank when you buy through a dealer, but what about a private seller?
     
  2. echeandia

    echeandia LawnSite Bronze Member
    Messages: 1,131

    Yes. I sold a car once to a guy who got a loan for the purchase.
     
  3. Billz

    Billz LawnSite Member
    Messages: 181

    yep, they do it all the time.
     
  4. jimmyburg

    jimmyburg LawnSite Senior Member
    Messages: 701

    Call your bank and find out.
     
  5. barefootlawnsandlandscape

    barefootlawnsandlandscape LawnSite Senior Member
    Messages: 296

    They will do it but their ammortization schedule will be a little different than a dealers. Certain year models they can only finance for 12-36 months depending on the age.
     
  6. DBL

    DBL LawnSite Silver Member
    Messages: 2,219

    yes we got a loan to buy a 2003 chevy 2500 from a private seller...bank did but they said for private sellers they wont do anything older than a 7 year old vehicle but thats just my bank
     
  7. britsteroni

    britsteroni LawnSite Senior Member
    Messages: 334

    It depends on your ability to repay the loan. If you would be too risky, they won't touch you. If you have a good credit score along with the ability to prove that you have income to meet that truck payment each month, then they will be glad to give you a loan.
     
  8. DavidR

    DavidR LawnSite Member
    Messages: 180

    Banks do loans for these types of deals all the time as others have said. The interest rate will be higher for you though. With all the deals going on with new cars, you may be better off buying a new car this time of year.

    Of course this all depends on the vehicle your looking for...and your credit record of course.
     
  9. nlminc

    nlminc LawnSite Bronze Member
    from GA
    Messages: 1,671

    Try this bank.

    http://www.firstagain.com/Default.aspx

    They give you the title also, so it's unsecured. The rates aren't to bad compared with other banks.

    I just financed a 2000 Toyota Landcruiser with them.
     
  10. topsites

    topsites LawnSite Fanatic
    Messages: 21,653

    I'd recommend at least a B+ Experian / Fico 740+, but with that in mind they should.
    A+ / 800+ absolutely, also if you're a homeowner there's not much a question usually.
     

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