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How do you purchase an automobile from a private owner? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive financial calculators and tools that provide objective and unique content, by enabling users to conduct research and to compare data for no cost and help you make informed financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this website are provided by companies that compensate us. This compensation may impact how and where products appear on this website, for example such things as the sequence in which they be listed within the categories of listing in the event that they are not permitted by law for our mortgage home equity, mortgage and other home loan products. However, this compensation will have no impact on the information we provide, or the reviews you read on this site. We do not include the vast array of companies or financial deals that may be open to you.
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3 minutes read. Published 10 May 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of taking out loans to purchase the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances with precise, well-researched and informative information that breaks down otherwise complicated topics into bite-sized pieces.
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When you’re looking to purchase your next vehicle, options vary from traditional dealers to a fully online order that is delivered directly to your door. Purchasing from a private seller can also be an excellent option to secure a good deal, but it requires more consideration than buying from a well-established business. 1. Make sure you lock in financing for your vehicle whether you are purchasing from a traditional dealer or from a private company walking in with the financing that you’ve been preapproved in advance is essential to save money. Make an application to three different lenders that offer the option of private party auto loans. This way you can compare and the conditions, and go into the purchasing process with a firm grasp of the amount . 2. Research Now that you’ve figured out what kind of vehicle you could afford to purchase now is the time to start looking for your vehicle. It’s unlikely that you’ll be visiting the dealership, but instead be looking for the car online through sites like Craigslist as well as Facebook Marketplace or searching ads in local classifieds. Look out for specifics on each vehicle’s mileage and history. Also, do some research on the model of the vehicle to be sure you’re not . 3. Contact the seller Once you find the vehicle, you are able to reach out directly to the owner. Ask any remaining questions missing from the ad. Queries on accident history as well as how many previous owners and the reason they’re selling are excellent starting points. Plan a vehicle test drive after your questions are answered. Plan this test drive to take place in a public place with a friend or family member present. 4. Check out the vehicle Take an inspection of the interior and exterior of the vehicle before you take your first test drive. In contrast to buying from a used dealership, it is possible that the owner did not check over the vehicle prior to the meeting. Check the car’s electronic systems and check for signs of rust on the exterior, low tread on the tires, or any cosmetic problems. 5. Test drive the vehicle. When testing the vehicle, make sure to take a test drive and then get on the road to test how the vehicle performs when you accelerate. Be sure to check the brakes and pay close attention to the sound of the engine as you increase the speed. 6. Check the vehicle for damage. Following your experience driving the car it is recommended to have a reliable set of eyes to inspect it. Request the owner to let you know if the vehicle can be taken to a mechanic. This will allow you to inspect the hood and make sure you don’t have any hidden vehicle issues. If the owner has any qualms with this request then it’s best to leave because they might try to hide a problem that is affecting the vehicle. 7. Make an offer and close the deal Once you know the vehicle is in good condition and you are certain that you’d like to purchase it, the time is now to make an offer. You should make use of the price they have listed as a jumping-off point, make use of any issues you found in the inspection process to leverage to get a better deal. Check Kelley Blue Book to see what the typical selling price is, and remember that the greatest strength you have when negotiations is the option to quit the bargain. Risks of buying through a private seller Although buying a vehicle through private sellers may make you more money, it’s an opportunity to get into scams with vehicles. Look out for like curbstoning, fake advertisements , or even identity theft. These scams are easily avoided so long as you watch out for red flags that are common. Avoid buying from a vendor who seems too aggressive. There is a lot of emotion to sales of vehicles, you should be a shrewd buyer. Also, never purchase a vehicle sight unseen and stay clear of wire transfers. The bottom line Buying the vehicle through a private dealer is an excellent option to shop on the internet and save money. However, it comes with the risk of additional risks, so be certain to conduct a thorough vehicle inspection before leaving immediately upon seeing anything that appears suspicious. Learn more
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of taking out loans to buy a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances by providing clear, well-researched data that clears complex topics into manageable bites.
Auto loans editor
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