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What Is A Private Auto Loan?

If you’re looking to buy a car, you’ve probably been scouring the Internet trying to find the best deal. Once you’ve decided on a few options for make a model, don’t be afraid of looking into the private sale market. There are some pretty important differences between purchasing a vehicle through a dealership versus buying it from a private seller—particularly when you’re looking to secure financing. One option isn’t necessarily superior to the other. They each have their own sets of pros and cons.

Here are a few of the things that set apart commercial and private auto sales:

  • When you purchase a vehicle from a dealership, they’re typically going to help you with a lot of the paperwork associated with buying a car—most notably transferring title and registration. This usually won’t be the case when you work with a private seller. You’re going to need to visit the DMV in order to complete these essential tasks.
  • Your vehicle won’t come with any kind of extra warranty if you purchase it from a private seller. Many dealerships will offer consumers some kind of guarantee if they have issues with a vehicle within a certain timeframe. You can’t expect this from an individual. However, some vehicles bought from private sellers will still have leftover factory warranties. Make sure you ask about this before finalizing any sales.
  • You’re typically going to get more legal protection when you buy from a dealership because they have to adhere to certain consumer You won’t get this when buying from a private seller.
  • You won’t be able to finance the vehicle through a private seller. Individuals don’t typically have enough capital, or desire, to engage with financing a sale. You’ll need to look into private car loans from RoadLoans or another lender if you decide to go through an individual seller.
  • It’s typically possible to get a better deal when you buy through a private seller. They don’t need to charge commission or dealership fees. The seller just wants to get money for their vehicle. You also can usually negotiate a bit more with individuals selling their car. Make sure you check out Kelley Blue Book to get a good idea of a vehicle’s true value. This can give you some bargaining power.
  • You’ll need to do an extra careful inspection job if you buy from a private seller. Without any form of oversight, it’s possible for a private seller to dump a lemon on you. Make sure you look for rust all around the vehicle. If the inside of the windows are fogging up, that might be an indication of water damage. Also, be cautious of a low-mileage vehicle with new tires. This could be a sign of odometer manipulation, since a low-mileage car should still have its original tires.

How Do You Get a Private Sale Auto Loan?

Now that you know some of the most prevalent differences between commercial and private auto sales, it’s time to decide if the latter option’s right for you. As already mentioned, you’re not going to be able to secure financing through the sell. This means you’ll need to work with an outside lender of some kind.

This is actually not a bad thing. You’re typically going to get a better loan by shopping around for a preapproval than what you would get at a dealership anyway. It’s best to check the rates with several places before you sign up for anything. You’ll also want to check your credit score before going into this process. Most lenders are going to be honest about your score; but you should also know where you stand just to be safe. If you have poor or no credit, it’s going to be a bit harder for you to get a competitive interest rate. But it should still be possible for you to get a private car loan assuming the vehicle isn’t out of your budget.

There’s a lot to think about when you’re in the market for an automobile. Some people never even consider the possibility of buying from a private seller. Sometimes this is actually the best way to get the perfect car for your needs at a reasonable price.

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