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How do you get a private car loan?
Where should I go to get a private car loan? I want to buy a new car for my daughter’s birthday, but the one she wants is being sold independently, and I’m not sure how to get a loan for it.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
In order to get a
private car
loan (or a private-party auto loan), you’ll need to get a loan from one of three places:- Large banks. Not all large banks offer private-party loans, though some are known to do so, including PNC, Bank of America, and Regions Bank.
- Credit unions. Many credit unions offer private-party loan options. They’re known to be easier to get approval through and often offer lower interest rates.
- Online. Online lenders will sometimes offer private-party loans, but 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 documents, which might include:
- Your driver’s license
- Your Social Security card
- A recent pay stub, or other documentation of employment and/or income details
- A copy of the car’s registration andtitle
- A bill of sale
If your lender approves you for the loan, you’ll be able to sign the contract, purchase your car, and begin making payments!
Some lenders that offer private-party loans will require you to carry full coverage car insurance on your financed vehicle. Try using the number-one-rated car insurance app,
Jerry
, to help you find the lowest rates. Jerry compares personalized rates from more than 50 top providers and delivers the best deals to your phone in minutes for free. 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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