Does anyone know how I could go about financing a vehicle purchase from a private owner?

Answer 1

Let me understand better - having the seller provide financing for your vehicle purchase? Or just getting the $ for the vehicle no matter who it comes from?

If it is option 1, I think you may have a tough time finding a seller who is willing to take payments for their car instead of being paid in-full. Furthermore, if you take this route, I think you will probably need to draw up a contract between the two parties to make sure this financing deal is legal. Also, expect to pay more than the purchase price (in total) for the vehicle.

If you just need money for the vehicle but dont care where it comes from, I recommend going to your local credit union and getting a car loan. Here, they will provide you the money up-front for your purchase, but you pay them back in intervals (plus interest rate). They would probably offer you the best interest rates.

If the purchase price of the car is less than $2,000, I would definitely recommend just saving some $$ or getting a short-term loan from a family member instead of going through a credit union.

Answer 2

Sure, if you belong to a credit union, go into the credit union and get the loan. You will have to turn the title over to the credit union and they might want to look at the vehicle before to make sure that it is worth what the owner says it is worth. I think that banks do this, too.

Answer 3

Simply walk into a bank or credit union and let them know you want to get a loan for a used car. (Or apply on line at places like http://www.lendingtree.com)

Apply for a loan and they will tell you how much you are qualified to borrow. That's how much money they are willing to loan you to purchase a used car.

You can shop around a bit at various credit unions and banks and take the loan with the best (lowest) interest rate.

Answer 4

usually a private seller will work out a layaway program. You make a down payment (size able) or you make a small down payment and leave the vehicle sitting until you have enough money in it, that the seller can trust you for the rest. You then make payments and drive the car, until paid for and you receive the title at that time.

Answer 5

When you contact your financial institution, tell them that you want a "person to person" product. Most finance companies provide this option, though it's difficult to gain an approval if your credit is below-average.

Answer 6

Bank or credit union. Its the value and condition of the car that will play into if you can get a loan on it or not, and of course your credit history.

Answer 7

id ask them if i could pay them,instead of borrowing thee money,,they might agree to this,,and put their name down as lien holders on the vehicle,,or they could co-sign the loan with you at a bank,,but i doubt them doing this id just see if i could give them so much down,and then pay so much every week or by the month on it,they might agree to it,all you got to do this way is pay them back,good luck with it,i hope this help,s.

Answer 8

yes