Any loans for private sales?

[RK05]

Has anyone had any luck with getting a car loan for a private sale, no dealers?

I need to get one of our vehicles out of my name if we are gonna try and buy a new house this next year. We called a local CU and told them all about my wifes BK and her current credit scores (645,620,650). The car we are gonna use has a KBB of $8000 and a pay off of $4500. They acted like it would be no problem but then called the next day to say her BK is the reason for not getting it. She could do it but would need a co-signer. She has been out of BK for one year.

Any lender suggestions?

[RK05]

Everyone buys from a dealer now days???

[NoMoreCards]

Loans for a private party purchase right after BK are like finding a needle in a haystack. I am sure they are out there, but I couldn't begin to tell you where.

I am having to do a 401k loan, to purchase a private party vehicle. But I am waiting until discharge which may be this week.

[RK05]

We have talked about using the 401K for a home loan but don't think it is worth it for a car.

I take it the 401K is your only option?

[NoMoreCards]

I was approved at roadloans.com, at 24% interest...and to me this is not a option.

I decided on the 401k for several reasons. The interest gets paid to myself, the vehicle will not have a lien, no credit check (let CR cool down for a while), and the security that if I lost my job for whatever reason, I could opt to not pay the loan back and take it as a withdrawal.

If I had no job, paying the payments would not be a option for me. Although I have been at this company for over 11 years, I think I'd be a fool to think any job was safe in this economy.

For me, this was the right choice. The truck I am buying is highly under valued and from a family member. If I needed, I could sell it without much effort for more than I am paying for it.

[RK05]

I wouldn't mind paying 24% on the loan because the payoff on my loan is $4K.
I just want the loan in her name to:

1) build her credit and
2) free up mine.