Can I sell my private car by financing it?
I have a 2011 Honda Accord EX-L V6 for sale but I know that not many people would pay a large amount of cash. Is it possible to make a deal with a bank and finance the car, that way if a buyer wants to buy it, instead of paying me, they will pay the bank monthly?
Only if the buyer applies to the bank for a car loan. It will be their credit worthiness that gets them the loan. There is nothing you can do unless you want to co-sign the loan papers.
is their a way I can encourage a potential buyer to get a car loan from a bank? I mean, how can advertise that idea.
Getting a bank loan is hardly a new idea. Everyone knows you can borrow money to buy a car if your credit is good.
If you price the car correctly you should not have a problem selling it if it is a good car.
The car I am selling is priced lower than the actual value and its negotiable but I am having trouble selling the car. My asking price is $12K but I am willing to lower it up to $10K and people still find the car expensive.
You must live in a poor area. Sometimes you just have to be patient.
Thank you for all your honest answers. You are super helpful.
F O R is correct. It's the buyer's responsibility to get financing. Either way you'll be handed the money for the agreed upon sale price. It will either be their money that they took out of their savings/checking account or money that they borrowed from a bank or loan company. DON'T offer to co-sign for the loan, especially to a stranger, just to sell the car!! That makes YOU responsible if the buyer stops making the payments!! Plus it shows up on your credit report too. So that may prevent you from buying something you want or need in the future! That wouldn't be fair to you!! If your buyer foes borrow the money from a bank or finance company you'll just sign over the title to them as the seller and you're done. It's up to the buyer to turn the title over to the bank or finance company. It's also just as bad to have your car priced too low as it is too high. See what other cars like yours are selling for in your area and check kbb.com as well. You want your car reasonably priced. If you price it too low people will be suspicious of it and think something is wrong with it. Too high and that's obvious. You should price it slightly higher than what you really want for it and expect a buyer to "talk you down". That way it's a win/win situation. Good luck with your sale!! HTH. -Jim
If they like it they will get the loan if needed, you want cash in hand either way unless you want to hold the title and let someone pay you payments. I did it once and ended up repoing it, the battery was dead and clutch was slipping, only good thing about it was he only had 3 more payments left to pay I gave him 2 extra months and told him when I was coming to get if he wanted to pay he could but did not and when I got back with it a man saw it stopped by and said I will trade you my car for that car over there so I looked at his and saw it had the motor/trans set up I was looking for to finish my project car and his whole car was running and driving great and I said Yes.
Tell to get the money from there daddy !
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