If you don't plan on buying your next automobile from an auto dealership, but instead want to purchase a car from your neighbor or any other private party, you will be interested to learn more about private party auto loans. Private party auto loans, also called a person-to-person auto loan, are available for people that can’t deal with conventional financing because they are buying the car from a family member or even out of the classifieds in the newspaper.
The first place that you may want to look for private party auto loans is at your local credit union or the bank where you have your checking account. Credit Unions and Banks will probably offer the lowest rates and best terms for a person to person auto loan. That being said, today it has become exceedingly easy to just go on the Internet and do a Google search and come up with numerous companies to apply for private party auto loans to.
One great benefit of a person to person auto loan sale is that you will actually have the chance to speak with the vehicle’s current owner, so you can directly inquire about the automobile’s history; you can find out if it’s been in an accident; see the maintenance records, etc. That beats any report that a car dealer can give you. Another plus can be that private party auto loans are for cars that don’t have an auto dealership price markup, allowing you to purchase the same vehicle you find on the dealership lot for a much lower price. If you have bad credit, private party auto loans can be a great way to start to rebuild your credit history and build your credit score. With each payment that is made on time, the lender, in many cases, will report directly to the three main credit bureaus.
When applying for any sort of private party auto loans, whether actually submitting a person-to-person auto loan application or just submitting a quote request, you will need to provide some information that you might not find on a straight forward finance application. Before you apply, make sure that you have complete information about the automobile that you want to buy on hand, including: the vehicle’s year, make and model, the mileage on the car, and also its general condition. The name and contact information of the vehicle’s current owner of the will be needed.
If you decide to go the auto loans online route, you will probably wind up working through a loan broker that will put you and the auto loan lender together. Some online applications will allow you to submit your information just one time and then receive quotes from several lenders. This can be one of the most convenient routes.
No matter where you apply, you will probably have to meet some common sense minimum requirements.
There are minimum qualifications that must be met in order to receive private party auto loans for private party car sales. Meeting the qualifications for private party auto loans, for most, should be no problem. Those requirements can include (but are not limited to depending on the auto lender):
- You must have a valid social security number.
- You are over 18 years of age.
- You have a minimum income of $350 per week.
- You have at least six months in your current job.
- You have maintained your current residence for more than six months.
- You have no open bankruptcies.
Remember, just like a normal car loan, private party auto loan have to be paid pack to the lender in a timely manner. The lender will report to credit reporting agencies in most cases.
1 comments:
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