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What is the best way to purchase an automobile from a private owner? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and tools that provide objective and unique content, by enabling you to conduct research and to compare data for no cost and help you make sound 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 offers that appear on this site come from companies that compensate us. This compensation can affect the way and when products are featured on this site, including such things as the order in which they may be listed within the categories of listing, except where prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. But this compensation does not influence the information we publish, or the reviews that appear on this website. We do not cover the entire universe of businesses or financial deals that may be open to you.
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3 minutes read. Published May 10, 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of borrowing money to purchase an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing concise, well-researched, and well-understood facts that break down otherwise complex topics into manageable bites.
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If you’re thinking of buying your next car, the options vary from traditional dealers to an online purchase which is delivered right to your front door. The option of buying from a private seller is an option for getting the best price, but it takes a bit more time than buying from a well-established firm. 1. Lock in vehicle financing Whether you purchase through a traditional dealer or a private party walking into the store with the vehicle financing you were preapproved for ahead of time is key to saving cash. Try applying 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 purchase process with a firm grasp on how much . 2. Research Now that you know the amount of car you can afford, it is time to begin looking for your vehicle. You won’t be going into an auto dealership but will instead be looking for your vehicle on websites such as Craigslist and Facebook Marketplace or searching ads in your local classifieds. Look out for specifics on the vehicle’s mileage and its background. It is also advisable to do some research on the car model to make sure there’s that there is no . 3. Contact the seller Once you find the vehicle, you are able to reach out to the seller. Ask any remaining questions missing in the advertisement. Questions on the accident history as well as numbers of owners before them, and why they’re selling are good starting points. Plan a vehicle test drive after you have your questions answered. Make arrangements for this to be conducted in a public place with a relative or family member in attendance. 4. Review the vehicle a good look at the interior and exterior of the vehicle before you start your test drive. In contrast to buying at a used store It is possible that the owner didn’t check over the vehicle prior to your meeting. Examine the vehicle’s electronics and check for signs of rust on the exterior, low tire tread , or other cosmetic issues. 5. Take a test drive When testing the vehicle, make sure to make sure you get it out on the road to observe how the vehicle performs with greater speeds. Make sure you check the brakes and pay at the sound of the engine when you accelerate. 6. Check the vehicle for damage. Following your experience driving the vehicle, it is wise to find a trustworthy pair of eyes to inspect it. Ask the owner if the vehicle can be taken to a mechanic. This way , you can inspect the hood and make sure the absence of undiscovered problems. If the owner has concerns about this request then it’s best to leave as they could be trying to hide a problem that is affecting the vehicle. 7. Make an offer and then close the deal once you are certain that the car is in good condition and you are certain that you’d like to purchase it, the time is now to submit an offer. You should make use of the price they have listed as a jumping-off point, use any vehicle problems you discovered during the inspection process as leverage for a better deal. Go through the Kelley Blue Book to see what the vehicle’s typical selling price is and remember that your greatest power in bargaining is the power to leave the bargain. Risks of buying from a private seller While buying a vehicle through private sellers can help you save money, it’s an ideal place to fall into frauds with vehicles. Watch out for signs of curbstoning, fake advertisements or the theft of your identity. They are easily avoided so long as you look for the common red flags. Do not buy from someone who appears overly insistent. Although there are emotions attached to vehicle sales, take your time and trust your gut. Finally, you also should never buy a vehicle without seeing it and avoid wire transfers. The main point is that buying an automobile through a private dealer is a great way to shop online and save money. But it does come with additional risk so be sure to complete an in-depth vehicle inspection before leaving when you see anything suspicious. Learn more
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of using loans to buy the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances with concise, well-researched and well-written data that clears otherwise complicated topics into bite-sized pieces.
Auto loans editor
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