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Can you get a car loan for a private sale?
Is there any way for me to get a car loan for a private sale? I found this beautiful classic Corvette from a private seller, but I can’t afford to buy it without taking out a loan. Do I have 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.There are a few places that you can check to find the best terms on this kind of loan:
- Large banks: You won’t be able to find private-party loans at all large banks, but some will offer this type of loan. Banks that have private-party loan options include PNC, Bank of America, and Regions Bank.
- Credit unions: Many credit unions offer private-party loan options with more flexible rates.
- Online: Online lenders like LightStream sometimes offer private-party loans.
Another option would be to get a personal loan for the car. Some people decide to do this so that their car isn’t used to secure the loan. However, personal loans tend to come with a high interest rate, so if you decide to go this route, you may end up paying more for your car in the long run.
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? The
Jerry
app makes it quick and easy to find the best rates available on the insurance coverage you want! Just download the app and answer a few questions to see a comprehensive cross-analysis of the best car insurance policies that work for you from more than 50 top providers. The average Jerry driver saves $879 a year on car insurance!View full answer
- Gregory R.
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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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