"How does a car loan work when I'm buying from a private seller via Craigslist? "

"I found an awesome deal on a used car listed for sale on Craigslist, and I’ve got pre-approval from my credit union for financing.

How do I proceed from here? Do I simply give the credit union the VIN so they can give me cash to buy the car, or will they give me a check?

"

Answer
“No credit union, bank, or other lender will give you cash under a car loan to purchase a car privately. If that is what you are trying to do, you will need to get a personal loan.
If you insist on buying the car with a car loan, you will need to give the lender the seller’s name and address and the lender will send the seller a check.
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Johnny Puckett
Answered on May 11, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
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