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Private party auto loan: What it is and how to find one Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive financial calculators and tools that provide original and objective content, by enabling users to conduct research and analyze information at no cost - so you can make decisions about your finances with confidence. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website are provided by companies that pay us. This compensation can affect the way and when products are featured on this website, for example for instance, the order in which they appear within the listing categories in the event that they are not permitted by law. Our mortgage, home equity, or other home lending products. But this compensation does affect the information we provide, or the reviews you see on this site. We do not contain the entire universe of businesses or financial offers that may be available to you.



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Martin Diebel/Getty Images
5 min read Published October 13, 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely borrowing money to purchase the car they want.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances through providing precise, well-researched and reliable information that breaks down complex subjects into digestible pieces.









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Private party loans can be easier to obtain than traditional loans. But lenders may charge more because buying through an individual is thought to be more risky than purchasing from dealers. Even with the higher price of private-party auto loans however, there are ways to locate lenders who offer auto loans that you can afford. What is a private party auto loan? The private-party auto loan allows you to finance a car that is sold by the owner, not a dealer. A purchase from an individual typically will result in a lower cost for the car itself. However, because they pose greater risk for the lender, they're not so widely accessible like other auto loans -- and often they come with more expensive interest. "Because of the nature of private party sales, the rates are likely to be higher than what you'd find at a dealership," says Strati Papageorge who is the senior vice-president of product management for autos at PNC Bank. "But the benefit for the customer is usually lower costs for the vehicle and they are able to get a low-cost payment." The good news is that there are ways to mitigate the drawbacks associated with private-party auto loans and to find the lender who can provide an auto loan you can afford. How does a private party auto loan is a good idea Your budget as well as the availability in your area of used cars are the most important factors to take into consideration. Luckily, the actual procedure for financing is like shopping for the latest or used vehicle at a dealer. Set up a budget your budget, start with your credit history and score to determine what and loan amounts you may be eligible for. When you are aware of the condition of your credit, it will be simpler to determine what you'll be able to pay for out of pocket and figure out how much you'll need to finance. Compare lenders Once you know which vehicle you're planning to purchase, for prospective lenders that offer private party auto loans. Compare interest rates, loan terms, monthly payments, fees and penalties. Since private-party loans tend to be more expensive and require preapproval prior to you begin shopping. In this way, you'll have a clear idea of the amount you will spend -- and what you can expect to pay every month. Pick a vehicle that is available for private sales are usually restricted to local inventory, so you should consider a variety of choices in mind when looking for a used vehicle. Find out the estimated cost-to-own estimates of trusted sources like Edmunds as well as Kelley Blue Book. They can guide you toward a reliable car. You might be able to utilize a national site to locate the perfect car, but traveling for a test drive and purchase -- along with dealing with transfer of title outside of the state -- may be more hassle than the car's worth. When you're ready to purchase privately check out your state's laws on title transfers. The laws should be accessible through your state's Department of Motor Vehicles' website. Complete the transaction after you locate a vehicle and you sign the loan agreement and your lender will mail the check directly to you or the seller. If you or the seller opt for direct deposit, ensure that the seller is aware that the transfer of funds could take a few days. Your lender will provide you with due dates for payments and a , which tells you how much money will go to principal and interest each month. If you are able, go for automatic payment. This is a great option to make sure you pay on time without sending a check or constantly logging in to an online portal. Make sure you check whether your payments have been processed each month. Where can you find private party auto loans The majority of major financial institutions -- like community banks local credit unions, local credit unions, and online lenders offer private party auto loans.The vehicle must meet certain criteria. For example, lenders generally require the car to be under 10 years old and less than 100,000 miles. Some lenders might have a minimum loan amount. If the car you'd like to purchase is $6,000, but the lender does not offer loans this small then you'll need to locate a different lender. Take note of the lender's requirements before submitting a request for a private auto loan to avoid taking a hit to your credit rating for the loan you're not eligible for. How to apply for a private-party auto loan After you find the vehicle you'd like to purchase from a private seller, ensure you provide the lender with your basic personal information such as your complete name as well as your birth date along with your address, Social Security number and contact information. Income and employment information. Current debt obligations, like a mortgage. You should also have certain documents and specifics about the vehicle you want to purchase, such as: Model and make, year and mileage. The VIN, or vehicle identification number. or VIN. The bill of sale which outlines the purchase agreement. Copy of the registration for the vehicle. Copy of the title of the vehicle. A signed payoff statement from the seller's lender If applicable. If your credit isn't good you might want to delay buying until you're . A few months of waiting won't make your credit go from bad to excellent, but it can make enough of a difference to earn you some savings on the interest rate and monthly payment. 4 reasons to consider the possibility of a private-party loan Although private-party auto loans can have higher rates than traditional auto loans, there are some advantages to not having to go through a dealership. There are better vehicle deals Prices for sales from are typically lower than at dealerships. With a private party auto loan, you get the advantages of financing the same way you would at a dealership plus the savings that a private sale could to provide. It could be less expensive than the personal loan one would expect to be more expensive because it's unsecured. A lender takes on more risk when there is no collateral to back the loan if the borrower defaults. They offer flexibility and are not limited to what dealerships offer it is possible to purchase the car you want at a price that you can manage from a private dealer. There are loan options for bad credit: Even those with poor credit could be eligible to get private-party auto loans. But , as with all loans that are available to those who have bad credit, they come with higher interest rates and monthly payments in addition to an overall higher cost. Alternatives to private car loans If you didn't be approved or couldn't locate a private party auto loan that is compatible with the vehicle you want to buy You have other options that you can pursue to buy via a private seller. Compare personal loans The best alternative to a private party auto loan is an . With unsecured personal loans they are unsecured. The lender examines your income and credit score to determine loan eligibility. The vehicle won't play a role in an approval decision. This may be a good option if: The vehicle you're looking to purchase is not in good condition or has excessive miles. The vehicle is bought using an salvage title. It is required that the minimum loan amount is greater than you want to take out. While a personal loan could give you the opportunity to buy the car you're interested in, it will likely carry an interest rate that is higher than a private party auto loan and could be more expensive overall. Visit a dealer Dealers may have higher prices than private sellers, but it's much simpler to get a loan. If you've been rejected for an auto loan Check to see if can qualify for financing on the premises that is offered from the dealership. You could also be eligible for a used auto loan through a lender who previously refused you for a private loan. Save money if you are not in a hurry or have not found the right private sale yet saving. The more you can put toward a car, the less you'll have to spend overall. And if you are contemplating older, lower-cost models that don't qualify for a conventional loan You don't have to take on additional risk by financing your car by using an individual loan. The bottom line Private automobile loans are a quick, relatively pain free way to buy outside of the stressful environment of a dealer. They aren't as common, but you will still be able find an affordable option from a range of lenders. Since the costs for private purchases are lower than those at a dealership, you may be able to save money.


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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the details of taking out loans to purchase a car.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to manage their finances with precise, well-studied information that breaks down complicated topics into digestible chunks.






Auto loans editor




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