Can I buy a Honda from a private seller that still has a loan on it?
"I want to buy a Honda Insight from a private seller, but he still owes the bank money for it. Can I still purchase this car? How do I do it?"
“The first step is to get pre-approved for a loan. Tell the lender about the Insight that you’re eyeing, and they should give you a certain limit that they’ll finance you for.
Next, you’re going to have to go to the seller’s bank. Here you should confirm:
- If the seller actually owns the car
- The payoff amount, and if the seller owes less than what you’ll be paying for the car (so they can meet the loan obligation)
- If the seller has missed any payments
Most of the time, the other person’s bank will walk you through this, especially if you meet with the seller at the bank.
Get the vehicle professionally inspected as well, as the risk is on you for this purchase.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
Why is my current insurance company denying a policy for my new home?
Why would my current insurance company deny a policy on my new home due to a past claim on my existing home? There was a nasty windstorm about two years ago and I had to put in a claim for my roof. It ended up being a complete tear-off and cost about $16,000. Now I am moving into a new home and my current insurance company denied coverage for my new property. I've only had one claim with them.
Jul 27, 2021
Do insurance companies consider a Hyundai Veloster N a sports car?
"I want to get a Hyundai Veloster N, but I heard that sports cars cost more to insure. Is this true? Should I consider getting another vehicle?"
Jul 27, 2021