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How do you buy an automobile from a private seller? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering you interactive tools and financial calculators as well as publishing objective and original content, by enabling you to conduct research and evaluate information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies who pay us. This compensation could affect how and where products are displayed on this website, for example, for example, the order in which they appear within the listing categories, except where prohibited by law for our mortgage, home equity and other products for home loans. This compensation, however, does affect the information we publish, or the reviews that appear on this website. We do not include the vast array of companies or financial offers that may be open to you.
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3 minutes read. Published May 10, 2022
Writen 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 ins and outs of securely borrowing money to purchase the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances with concise, well-researched, and well-understood facts that break down otherwise complicated topics into bite-sized pieces.
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When it comes to buying your next vehicle, choices vary from traditional dealers all the way to a fully online order that’s delivered to your front door. A private seller can also be a great option to get the best price, but it requires more thought than purchasing from a well-established firm. 1. Lock in vehicle financing Whether you purchase through a traditional dealer or from a private party, walking in with vehicle financing you were preapproved prior to the time of purchase is key to saving cash. Apply to at least three lenders who offer the option of private party auto loans. This will allow you to compare rates and the conditions, and go into the purchasing process with a firm grip on how much . 2. Research Now that you know what kind of vehicle you could buy now is the time to begin searching for the vehicle you want to purchase. You won’t be going into the dealership, but rather search for the car online through sites like Craigslist or Facebook Marketplace or searching ads in local classifieds. Be sure to look for details on each vehicle’s mileage and the history of the vehicle. It is also advisable to conduct some research about the vehicle model itself to make sure there’s no . 3. Contact the seller Once you have found the vehicle, you are able to reach out to the seller. If you have any questions, ask them from the ad. Questions on the accident history as well as numbers of owners before them and why they’re selling are good starting points. Plan a vehicle test drive after your questions are answered. Plan this test drive to take place in a public space with a family or friend member present. 4. Check out the vehicle Take an in-depth look at the interior and exterior of the car before you begin your test drive. Unlike buying at a used store It is possible that the owner didn’t look over the car prior to the meeting. Examine the vehicle’s electronics and check for signs of rust on the exterior, low tire tread or cosmetic issues. 5. Test drive the vehicle. When testing the vehicle, make sure to take a test drive and then get on the road to see how the vehicle handles when you accelerate. Make sure you check the brakes, and pay attention to the sounds of the engine as you increase the speed. 6. Check the vehicle for damage. Following your experience driving the vehicle it is recommended to have a reliable set of eyes on it. Ask the owner if the vehicle can be taken to a mechanic. This way , you can ask them to look under the hood and confirm you don’t have any hidden vehicle problems. If the owner has concerns about this request then it’s best to leave as they could be trying to conceal a problem with the vehicle. 7. Make an offer and close the deal Once you know the vehicle is in excellent condition and you are certain that you want to purchase it, the time is now to submit an offer. Although you should consider using the advertised price as a jumping-off point, make use of any issues that you have discovered in the inspection process as leverage for a better deal. Go through the Kelley Blue Book to see what the vehicle’s typical selling price is and remember that the most powerful tool you have in negotiations is the option to quit the bargain. The risks of purchasing from a private seller While buying a vehicle through private sellers may make you more money, it’s a likely place to run into vehicle scams. Watch out for signs of curbstoning, fake advertisements , or even identity theft. This type of scam are easily avoided so long as you look out for common red flags. Don’t buy from a seller who seems to be too pushy. There is a lot of emotion to car sales, trust your instinct. Also, never purchase a vehicle without seeing it and stay clear of wire transfers. The main point is that buying the vehicle through a private dealer is a great way to shop online and save money. However, it comes with additional risk so be sure to complete an in-depth inspection of the vehicle and leave at the first sight of anything suspicious. Find out 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 in navigating the ways and pitfalls of using loans to buy an automobile.
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 manage their finances through providing concise, well-researched and well-written facts that break down otherwise complicated subjects into digestible pieces.
Auto loans editor
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