"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 provided by
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Johnny Puckett
Answered on May 11, 2021
“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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