Can you get an auto loan when buying a used car from the owner?

Asked by Feb 16, 2014 at 03:35 PM

Question type: Shopping & Pricing

6 Answers

107,545

I have before. But I got the loan thru my bank. But had to give the owner something down so he would feel confident that I was getting the loan. Since banks sometimes take days to do anything.

1 out of 1 people think this is helpful.
150,655

I take that to mean a private Party sale, since when you buy from a dealer they own the car. Okay, the answer is yes, but the bank/finance company will want to inspect the car first to make sure they money they forward is not going towards a POS car that you might default on if it blows up 10 minutes after you drive away. It ALL hinges on your credit score. If it is 700 or better, no problem.

2 out of 2 people think this is helpful.
150,655

dandy beat me to the punch...as usual, but we basically agree.....although I forgot about the down payment. He is right on.

2 out of 2 people think this is helpful.
150,655

May I ask what car/year?

1 out of 1 people think this is helpful.
107,545

Glad you back with us.

63,085

Depending on your credit score you can also get a personal loan. The interest will be higher but you can buy the car and have the title in hand. HTH. -Jim

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