My friend bought brand new g37S 6 months ago but he has to go back to his country(japan) for personal reason and I am trying to buy from him. Unlike him, I do not have 30k cash in hands and I need to get loan.(He offered me to sell it 33k for ME!)
I have $5000 cold cash in hands and rest I need to get the loan.

What is the step if I want to get loan from the bank?
my friend bought it with cash so it is paid off
Do I just go to the bank and transfer the rest to his account?
(my credit is above 700)
Is the interest will be too much if I get the loan for used car?

I always bought the car from the dealer with low APR..so I do not know what is going on with the dealer and bank..

so SORRY FOR MY IGNORANCE

 

Shop for banks like you shop for cars. Primarily - go to your bank and see what APR your bank will give you an auto loan for. You have to do this at a tag agency, etc. Chek Eastern Financial, Miami Dade Credit Union, etc.

 

Just find the best rate/bank out there. They will issue a cashiers check (In your friends name) and you are pretty much set. He will sign over the title to you (which since you will have a loan, The bank will have their info on that portion as well on the back of the title) and release the liability. etc. Hope this helps a little. Also you may want to check what the same car is selling for in your local area on autotrader etc... to make sure that you aren't paying too much.