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Can I get a car loan for a private sale?
Is there a way to get a car loan for a private sale? I’m on a tight budget, so getting a used car would be much easier for me as long as I have financing options.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you can get a car loan for a
private sale
. This type of loan is called a private-party auto loan. Here’s how to get one:
- Find a car. If you haven’t already, find the car you’d like to buy. That way, you can give prospective lenders all of the information about the price, age, and condition of the vehicle.
- Find a lender. You can find private party auto loans through a few different types of lenders, including credit unions, online lenders, and large banks like PNC or Bank of America. It’s important to get quotes from multiple lenders so you can make sure that you’re getting the best terms and rates available.
- Apply. When you put in an application for the loan of your choice, your lender will usually ask you about your credit score and your employment status. You may also be asked to bring the registration and title of the car of your choice and/or a bill of sale.
- Sign. Once you’re approved for the loan, you can sign the contract and purchase your new car!
While you’re shopping around for the best private-party loan rates, why not take a moment to shop for the best insurance rates available for your new vehicle, too? Your lender will likely require you to carry full coverage car insurance for your financed vehicle, but you can use the
Jerry
app to help you find the best rates! Jerry compares personalized rates from more than 50 top providers and delivers the best deals to your phone in minutes for free. View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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