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Will a bank give me an auto loan to buy a used car from a private seller?
13th November 2010
I want to buy a used car from a private seller. I’ve already had the car checked over by a mechanic and all that. Will a bank give me a loan of maye 00 to purchase the car since its from a private seller and not a dealer?
Posted in: Auction FAQ | | Comments (4)
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Yes you can get a car loan on your used cars. Its good that instead of spending money on new cars try for used cars if you want just for need.
Just make sure that you get a car from a good dealer so that its condition is perfect. Private sellers are also good but try to be sure about the condition of a car, millage etc.
Comment by Tom Simpson — November 13, 2010 @ 6:40 pm
They don’t care who the money goes to..
They are only concerned that you will make the payments, and that the value of the car is equal or greater than the money borrowed…
They will not loan the full purchase price of the car.
If the price of the car is 5000.00, you will need 1000.00 down payment out of your pocket, and money of your own for insurance, title, taxes, and plates…
Comment by Sophie B — November 13, 2010 @ 6:40 pm
The short answer is yes. Set an appointment with your bank’s loan officer. You need to get the VIN off the car and all pertinent information (year, make, model, options, mileage, etc.). Then you fill out the application, provide whatever proofs of income your loan officer requires, and sign the loan documents. Preferably you and the seller can then arrange with the bank to meet at your lender so the seller can sign the title and give it to the lender, who will then process their lien and give a check to the seller.
Comment by bob_ber_down — November 13, 2010 @ 6:40 pm
As long as you are qualified for the loan the bank doesn’t care who the seller is.
You need to present the title and a Bill of Sale to the lender before they will write the check.
Comment by mccoyblues — November 13, 2010 @ 6:40 pm