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How do I get a car loan on a private sale?
I'm thinking about buying a car from a private seller, but I would need a loan to do it. How do I get a loan if I'm not buying from a dealership?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s pretty unlikely that a private seller will offer you a loan themselves, so you’ll probably need to get a loan from a third party. Your lender will
buy the car
for you, and you’ll repay the total (with interest) to the lender.You may have limited options as far as the car’s age and mileage. Be sure to research interest rate and repayment period options to find the loan that’s right for your budget. You’ll also likely need to meet certain requirements to take out a private party loan, such as:
- Minimum credit score
- Income threshold
- Being able to make an upfront payment
When you apply for the loan, you’ll need to provide certain documentation, such as:
- Your Social Security number
- Your address
- Your employment and income
- A copy of the car’s registration and title
- A bill of sale
When you’re approved, you’ll close the loan and your lender will purchase your car. You’ll need to transfer the title and registration into your name, and you’ll need to list your lender as lienholder.
When you buy a new car, you need to buy new insurance, too. The
Jerry
app makes this process quick and easy by gathering quotes for you for free, so you can compare prices and coverages in minutes.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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