can you get a loan for a private car sale

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Financing a car from a private seller means getting a direct loan, which is often called a private party loan. These typically come from banks or credit unions, and can be easier to get when you have good credit.

If you’re struggling with bad credit, it can be difficult to get a private party auto loan 鈥?but there are still ways to get the vehicle you’re looking for. In order to finance a car from a private seller with a direct loan, you need to get pre-approved. Once this happens, you can shop anywhere to find a vehicle in your approved price range.

Many lenders finance person-to-person car purchases with private party auto loans. After all, not many consumers have thousands of dollars they can shell out to buy a car with cash. To get a private party auto loan, you can approach a bank or credit union, or even apply with an online lender.

With car finance available for purchase in a private sale as well as through a dealership, checking out local listings is worth doing when buying a used car. Often, car buyers seeking to purchase a vehicle in a private sale would need to find the funding to acquire their chosen car.