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How do you get a car loan for a private sale?
What do I need to do to get a car loan for a private sale? I want to purchase a car I found online, but I need a loan for it. I’m not sure how to do it since it isn’t through a dealership.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Although it isn’t as common, you can get a car loan for a
private sale
. To do so, you’ll need a special type of car loan called a private-party auto loan. Private-party car loans are available in a few different places, including:- Large banks. Some banks that have private-party loan options include PNC, Bank of America, and Regions Bank.
- Credit unions. Credit unions are known for offering flexible rates and terms on car loans, so this might be a good option if you need to stay within a specific budget.
- Online. Be sure to check the terms of these types of loans before signing to avoid any extra fees.
Once you find a lender you like, you’ll need to provide a few pieces of information, which might include:
- Document(s) listing your full name, date of birth, mailing address, and Social Security number.
- Proof of income.
Once approved, you can sign the contract and use the money to purchase the car!
While you’re shopping around for the best private-party loan rates, why not take a moment to shop for insurance 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.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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