Private Party Auto Loan

A private party auto loan usually comes about because a neighbor or friends is selling a vehicle, however, it might also result from a newspaper ad by someone in the area. The only difference between private party auto loans and others is the absence of a dealer. The Internet provides a long list of providers, or the buyer can deal directly with his bank to close the transaction. Either way it will be necessary to complete a loan application and provide the make, model and mileage of the vehicle to be bought, and the seller's name and phone number. Private party auto loans are pretty straightforward. Online a buyer can go through a broker who will put him in contact with four possible lenders to consider.

Qualifications include: (1) Borrower must be 18 years old; (2) must have a minimum income of $1,800 per month or $21,600 per year; (3) must have lived at last two residences at least six months; (4) must have worked for the last two employers more than six months each; (5) have no open bankruptcies; (6) have a valid Social Security Number. Most people would have little trouble meeting these requirements. An advantage of buying a car through a private party auto loan is that there is an opportunity to talk to the previous owner about the car and its history. If the seller is someone personally close, there is the immediate advantage of knowing how he has taken care of the vehicle.

Before closing the deal, it is wise for the buyer to have a mechanic check the vehicle for any problems that might exist, or parts that may need replacing soon. Buying a pre-owned automobile through a private party auto loan doesn't have to mean buying someone else's problems. Integrity is important factor in any business dealing, and reference can be found in scripture: "Let integrity and uprightness preserve me; for I wait on thee." (Psalm 25:21) Lenders check the "blue book" price for a vehicle of the age and make under consideration before agreeing to financing the car, but it is a good idea for the buyer to check that as well. Then there is no doubt that the value has been correctly stated. The interest charged in private party auto loans may be higher than those arranged when buying through a dealership, but the paper work is less, and time is saved.


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