How do I get a car loan if I'm buying from a private seller?

My neighbor has a sweet Acura and he's selling it at a great price. It's a steal, but I don't have the money to pay cash for it. Can I get a car loan for a private sale?

Answer
Yes! If you want to buy a car from a private seller, lenders offer car loans to make the purchase.
Private-party car loans work almost identically to car loans from dealers. You can typically get a term ranging from 12 to 84 months depending on the age of the Acura you want. However, the interest rates are typically higher than with new car loans or cars loans from certified pre-owned vehicles.
To get a car loan for a private sale, you should always shop around. Credit unions and local banks are a great place to start, but national and regional lenders may also offer competitive rates.
If you get approved, make sure to shop for car insurance as well. To get the best price on the coverage you need, check out the Jerry app. We’ll get you personalized quotes from top providers in seconds, so that all you need to do is choose the plan that works best for you.
Best of luck, and enjoy that Acura!
Eric Schad
Answered on Nov 22, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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