Private Party Auto Loans – The Joy of Car Buying is for everyone

Private party auto purchase is affordable because dealer commission is not involved. You can make it more affordable with Private Party Auto Loans. The company provides auto financing programs at low rates. It is for all those car buyers who detest car buying from dealers.

The company doesn’t mind if you have bad credit on your credit report or have a bankruptcy in the past. These things won’t create any problem if you ensure regular monthly payments. Simply show your current pay slips to the company’s representative and get approved.

This is a perfect opportunity of buying a car from your friend, colleague or your neighbor with Private Party Auto Loans. Choose the car and apply on the website for quick approval.

Private Party Auto Loans - Buying A Used Car from Private Seller

What’s that one dreadful thing when it comes to getting a car? Most Americans will answer “dealing with the dealer”. Yes, it is so true. We have heard stories about dubious dealers who have conned someone or the other in our social circle. But, we still walk down to the dealership lot half-hearted and full of doubts. You may not know but there is one more option of buying cars. Welcome to the world of private party (non–dealer) car purchase where you don’t have to worry about a fraudulent dealer and his deceitful methods.

Most people are unaware of this opportunity and think that private party sales are risky. Once you completely understand person to person car sale, you will know that the reality is absolutely different.

What Is A Private Party Auto Sale?

Where buyer meets the seller

When you buy or sell your car to an individual without the dealer in picture, it constitutes a private party sale. When you buy a car from an individual, you don’t have to haggle with a dealer. You can meet the seller in person and get all the information from the horse’s mouth.

What Are The Advantages Of Buying A Car From A Private Party?

1. As mentioned earlier, you get first-hand information from the seller. There is no dealer to fabricate the vehicle information.

2. No high pressure car-price negotiation.

3. No dealership commission means lesser price.

How to Make a Perfect Person To Person Car Purchase?

Make sure it is no junk

When you buy a used car, you need to check it properly. You certainly don’t want to end up with a lemon or a clunker. Don’t go for a very old car because most State Lemon Laws don’t cover them. So, while buying a car from an individual seller, follow these important guidelines -

1. Get the car’s VIN (Vehicle Identification Number) and run a Vehicle History Report. It will let you know if the car was ever salvaged or flooded. The report will be helpful in convincing your lender that the car is not junk.

2. You must also check the car’s title. Most of the times, it will have a lien on it. If the same is with your car, then ask the seller to arrange a meeting with his lender (seller’s lien holder). Discuss at length the conditions and the duration in which the title will be transferred to you. It is always good to talk this out in advance.

3. Get the Odometer Disclosure Statement from the seller. It will have the exact number of miles that the vehicle has been driven. Most lenders insist on getting one from the seller.

4. Ask your trusted mechanic to inspect the car.

How to Get a Private Party Car Loan?

A private party auto lender takes risk in offering auto financing options because there is no additional dealer’s warranty. Also, the vehicle is not a certified one. So, lenders want you to fulfill their criteria.

Here are the requirements of private seller auto loans -

1. Your age should be at least 18 years old. If you are getting a joint loan, then at least one of the applicants should be 18.

2. A Valid SSN is mandatory.

3. Your gross monthly income should at least be $2,000. A recent pay stub or IT returns (if self-employed) can be used as a proof.

4. Your employment term at the current and the last job should be more than six months.

5. You must be staying for at least six months at your current residence. Utility bills and rent receipt can be used to prove the term.

6. No open bankruptcy.

7. The vehicle should not have been driven for more than 80,000 miles nor should be older than six years.

All these requirements are pretty standard for a car loan and nothing out of the blue. Private party car loans are easy to obtain. There are quick and simple because of no dealership is involved. With several lenders offering private party loan, it is easier to buy a car and fulfill your dream.

Buy a Used Car with the Help of Private Party Auto Loans

The car has become... an article of dress without which we feel uncertain, unclad, and incomplete. - Marshall McLuhan

Cars are undeniably an important part of the American culture! Every person needs a car of his own. But can everyone really afford a car? Sadly, the answer is no.

The auto industry has suffered the most in the current economic crisis. Lenders have become more rigid in giving out loans. Tighter lending norms, large number of defaults and bad credit scores is the harsh reality. But all these problems have given a new breathing space to the private party auto lenders.

Private party lending is very useful when an individual buys a car from another and no dealer is involved.

Let me give you an example.

You decide to buy a car from your friend, family, or anyone off the Craigslist or eBay. Now you may not have enough money to buy a car on your own. So, the only option left with you is availing auto loans.

Getting approval of auto loans isn't easy, is it?

Lenders want to have nothing but an excellent credit score. They won't even touch the application if it doesn't mention a pristine credit history. They will not trust a private sale.

Amidst all the clouds of rejection and despair, private party auto loans are a silver lining.

The loan rates are obviously a tad higher because of the higher risk of default involved. But the great thing is you don't have to deal with sly salesmen and devious dealers. You also save on the commission which was supposed to go straight in the dealer's pocket.

There are a few private party lenders who may not even ask for a down payment. But it is always advisable to put down 20 % of the amount. It will definitely benefit you in availing private party car loans at lower interest rates.

Know Your Onions

Your credit score is of prime importance. Your credit score and the loan approval chances are almost joined at the hip. So get a free credit report and ensure that your information is 100 % accurate.

Regular payments are a must for every loan. So, it is important that you decide on a budget. You must accurately calculate your income and expenses and estimate how much you can afford to pay.

Once you are through this, get first- hand information about the car. You can easily talk to the current owner about car history. You will be able to get all the information about previous accidents, damages and even minor blips.

Trust None, but Facts

Even though the owner (your family/friend) told you all about the car, it is always better to check the facts twice. Several websites will help you get the Vehicle History Report. You only need to have car's VIN (Vehicle Identification Number) for this. This will make you more confident about your decision.

REQUIREMENT for Private Party Auto Loans
 
>> You must be at least 18 years old
>> You must have a Valid SSN
>> Most lenders want you to earn at least $418 per week or $21,736 annually
>> You should be with your current employer for at least six months
>> You should be living at your current residence for at least six months
>> No bankruptcies and foreclosure

Where Can You Find Private Party Lenders?

Well, several financial institutions offer private party auto loans. But, internet is the easiest and quickest way to find it. Many websites offer you to generate free quotes and also give an option to compare them. With increasing number of such websites, you can easily get competitive quotes.

When you take the online road, it is important to do a thorough research.

Internet is full of swindlers and tricksters trying to steal your information. So you must only deal with reputed websites. You must be ensured about the company's credibility. Google the company's name and try to know more about it.

To ensure safety, share your information with websites that have a secured connection. Usually HTTPS in the URL and a security certificate on the website will do the job.

Once you are through it, apply by filling up the application form. If the website doesn't provide with an online application form, seek quotes through e-mail.

It is important to know that any false information can ruin all your chances of getting the loan. So, share correct information only.

When you avail private party loans, the lender might be interested in some requirements such as the make and model, mileage, maintenance, car insurance policy, etc.

As you fill the application, it is sent to local lenders of your area. The lenders compete for your application and this is how you get the best quote.

Don't sign the agreement without comparing quotes. Know everything about the loan terms. Compare not only quotes, but also the pros and cons associated with every quote. Only when you compare, you will have the utmost satisfaction of making a favorable deal.

Private party lending is an affordable option of buying a used car. It helps you to buy a GOOD car without any dealer intervention.

So, what are you waiting for? Avail a private party auto loan and drive your very own car.

Best of luck!