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What is the best way to purchase a car from a private owner? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering you interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and to compare data for no cost and help you make informed financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that pay us. This compensation could affect how and where products appear on the site, such as, for example, the sequence in which they be displayed within the listing categories, except where prohibited by law. This applies to our mortgage or home equity products, as well as other products for home loans. But this compensation does not influence the information we publish, or the reviews appear on this website. We do not contain the universe of companies or financial offerings that could be accessible to you.
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3 min read Published 10 May 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of taking out loans to purchase an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to control their finances through providing precise, well-researched and informative information that breaks down complicated topics into bite-sized pieces.
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When it comes to buying your next vehicle, choices can range from traditional dealers to an online purchase that is delivered directly to your door. A private seller is an excellent option to secure a good deal, but it requires a little more thought than purchasing from an established company. 1. Lock in vehicle financing Whether you buy from a traditional dealership or from a private company walking in with the financing that you have been approved for ahead of time is the best way to save cash. Apply to at least three different lenders offering privately-owned auto loans. This will allow you to compare rates and the conditions, and go into the buying process with a firm grasp on the price . 2. Research Now that you know the amount of car you can afford, it is time to begin searching for your car. It’s unlikely that you’ll be visiting an auto dealership but will instead be looking for the car online through websites such as Craigslist or Facebook Marketplace or searching ads in your local classifieds. Look out for specifics on the mileage of each vehicle and their background. Also, conduct some research about the model of the vehicle to ensure that there is that there is no . 3. Contact the seller Once you find the vehicle, you can then reach out directly to the owner. You can ask any other questions that aren’t answered from the ad. Queries on accident history as well as numbers of owners before them, and why they are selling are great starting points. Consider a test drive of your vehicle after you have your questions answered. Plan this test drive to take place in a public location with a friend or family member. 4. Review the vehicle a good look at the interior and exterior of the vehicle prior to you take your first test drive. Unlike buying from a used dealership there is a chance that the owner didn’t check over the vehicle prior to your meeting. Test the vehicle’s electronics and check for external rust, poor tire tread or cosmetic issues. 5. Try a test drive when testing the vehicle, make sure to try and get out onto the road to observe how the vehicle performs at higher speeds. Make sure you check the brakes, and pay attention to the sounds of the engine as you accelerate. 6. Have the vehicle checked after your experience driving the vehicle it is recommended to get a trusted set of eyes on it. The owner should be asked whether the car can be taken to a mechanic. This way , you can ask them to look under the hood to ensure you don’t have any undiscovered problems. If the owner is having concerns about this request It is recommended to stay clear of the situation as they could be trying to conceal a problem with the vehicle. 7. Offer and close the deal once you are certain that the vehicle is in excellent condition and you are certain that you’d like to purchase it, it’s time to 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 an incentive to negotiate a better price. Check Kelley Blue Book to see what the vehicle’s typical selling price is. Remember that the greatest strength you have when negotiating is the ability to quit the bargain. There are risks when buying through a private seller Although purchasing a car from private sellers may help you save money, it is also an opportunity to get into frauds with vehicles. Look out for like curbstoning, fake ads or possibly identity theft. These scams are easily avoided so long as you watch for the common red flags. Avoid buying from someone who appears to be too pushy. While there is emotion attached to vehicle sales, trust your instinct. Additionally, you should never purchase a vehicle sight unseen and avoid wire transfers. The bottom line Buying the vehicle through a private dealer is a great method to shop online as well as save some money. But it does come with an additional risk, so make sure to do a thorough inspection of the vehicle and leave when you see anything suspicious. Find out more
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of borrowing money to purchase an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances with precise, well-studied information that breaks down otherwise complicated subjects into digestible pieces.
Auto loans editor
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