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How do you purchase a car from a private seller? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering you interactive financial calculators and tools as well as publishing objective and original content. We also allow you to conduct research and to compare data for no cost and help you make informed financial decisions. Bankrate has agreements with issuers such as, 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 pay us. This compensation may impact how and where products appear on the site, such as such things as the order in which they may appear within the listing categories in the event that they are not permitted by law for our mortgage, home equity and other home loan products. This compensation, however, does have no impact on the information we publish, or the reviews you read on this site. We do not contain the entire universe of businesses or financial offers that may be open to you.
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3 min read published 10 May 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 to navigate the ins and outs of securely taking out loans to purchase a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances through providing clear, well-researched facts that break down complicated subjects into digestible pieces.
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When you’re looking to purchase your next vehicle, options vary from traditional dealers to an entirely online purchase that is delivered directly to your door. The option of buying from a private seller can be an excellent option to secure the best price, but it takes a bit more consideration than buying from an established firm. 1. Secure financing for your vehicle, whether you purchase from a traditional dealer or from a private party, walking in with vehicle financing you were preapproved prior to the time of purchase is the best way to save money. Apply to at least three lenders who offer privately-owned auto loans. This will allow you to compare rates the terms and conditions and enter the buying process with a clear idea on how much . 2. Research Now that you know what kind of vehicle you could afford to purchase 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 your vehicle on websites like Craigslist as well as Facebook Marketplace or searching ads in local classifieds. Be sure to look for details on the vehicle’s mileage and its history. It is also wise to look up the model of the vehicle to be sure no . 3. Contact the seller once you find the vehicle, you may then talk directly to the owner. If you have any questions, ask them from the ad. Questions on the accident history, how many previous owners and the reason they’re selling are good starting points. Plan a vehicle test drive following the answers to your questions. Arrange this to be done in a public location with a family or friend member present. 4. Examine the car Take an in-depth look at the interior and exterior of the car before you start your test drive. Unlike buying from a used dealer there is a chance that the owner did not check over the car prior to the meeting. Examine the vehicle’s electronics and check for exterior rust, low tread on the tires, or any cosmetic problems. 5. Take a test drive When you test the vehicle, take a test drive and then get on the road to test how the vehicle performs with greater speeds. Make sure you check the brakes, and pay attention to the sound of the engine as you accelerate. 6. Have the vehicle checked after your driving experience, it is wise to have a reliable set of eyes. Ask the owner to let you know if the vehicle is able to be taken to your mechanic. This will allow you to have them look under the hood and make sure you don’t have any hidden vehicle issues. If the owner has any doubts about this then it’s best to stay clear of the situation as they could be trying to conceal an issue with the vehicle. 7. Offer and close the deal when you’re sure the vehicle is in excellent condition and you’re sure that you’d like to purchase it, it’s time to submit an offer. Although you should consider using their posted asking price as a jumping-off basis, you can also use any issues that you have discovered in the inspection process as an incentive to negotiate a better price. Check Kelley Blue Book to see the average selling price is, and remember that the most powerful tool you have in negotiations is the option to leave the bargain. The risks of purchasing from a private seller While purchasing a car from a private seller does make you more money, it’s also an ideal place to fall into vehicle scams. Look out for like curbstoning, fake ads or possibly identity theft. These scams are easily avoided so long as you keep an eye out for red flags that are common. Do not buy from a seller who seems overly pushy. While there is emotion attached to car sales, trust your instinct. Additionally, you should never purchase a vehicle without seeing it and avoid wire transfers. The final word is that purchasing a vehicle from a private seller is an excellent method to shop online as well as save some money. But it does come with additional risk so be sure to complete an in-depth vehicle inspection before leaving when you see any suspicious items. Find out more
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of taking out loans to buy 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 committed to helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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