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I noticed most people buy private party when they are buying a "cash" car, like a $4000 car. I am looking to buy a used car over $10k and I will have to finance. The current car I have I only paid $3000 cash and bought it private party. Can someone give me some tips for buying a car with financing from a private party? I have gone to several dealerships in my area and they keep trying to convince me to buy the car without getting a mechanic inspect it and if they do let a mechanic inspect it, he has to do it on the lot. I can't take the car off the lot to get inspected. I am tired of running into this problem with dealerships and the last dealership told me I would not be able to pay less than $400 a month for a car because they say that is the average car payment everyone else pays. Most dealerships just want to trick you, but the only thing I like about buying from the dealership is that you can get a warranty and they take care of all the paperwork for you. Anyway, please give me some tips on buying a private party car with financing. I know I should go to the bank and apply for a loan first, but my credit is bad so I don't know if my bank will lend to me.
Well, you seem to have an editorial about used car dealers.
And all may be true in your area.
You certainly can purchase a used car and finance it through a bank or credit union.
If you are not a member of a credit union then join one before you buy any used car.
Visit any local bank and ask about used car loans. Better yet, go to the credit union and ask about used car loans.
It's the same process as if buying from a used car dealer except you do have to do more of the work.
Buying a used car from a private sale and financing from a bank or credit union happens every day.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Most credit unions, such as both that I belong to, only require a $5 deposit to open an account and be able to take out a loan. They have better interest rates than a bank. You would have to be pre-approved, then send them the invoice with vin# at the time of purchase, and the dealer may or may not let you take the car until you bring them the check. Some will do a credit report and then a "one-pay" contract and you bring the check the next work day. With good credit, you could also take a credit union unsecured loan for $10,000, take the cash and go buy a car. That interest rate would be higher, however.
I noticed most people buy private party when they are buying a "cash" car, like a $4000 car. I am looking to buy a used car over $10k and I will have to finance. The current car I have I only paid $3000 cash and bought it private party. Can someone give me some tips for buying a car with financing from a private party? I have gone to several dealerships in my area and they keep trying to convince me to buy the car without getting a mechanic inspect it and if they do let a mechanic inspect it, he has to do it on the lot. I can't take the car off the lot to get inspected. I am tired of running into this problem with dealerships and the last dealership told me I would not be able to pay less than $400 a month for a car because they say that is the average car payment everyone else pays. Most dealerships just want to trick you, but the only thing I like about buying from the dealership is that you can get a warranty and they take care of all the paperwork for you. Anyway, please give me some tips on buying a private party car with financing. I know I should go to the bank and apply for a loan first, but my credit is bad so I don't know if my bank will lend to me.
Buying PP or Dealer all rules apply. The paperwork is really a non issue. Meet the seller at AAA and make sure they have their paperwork. Whatever it may be required fir your state. No paperwork no sale. I've passed n plenty of " deals" because paperwork was wonky. You can set up the pre inspection/test drive early in the day. Then negotiate price once you get your mechanic report go to AAA to finalize paperwork if all is agreed upon. Check and get the sellers info make sure they are the actual owner or has POA to sell the vehicle from the rightful owner.
Protect yourself in every way possible.
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