Private Party Car Loans

Applying for a loan to purchase a vehicle from a private seller isn't much different than applying for any other type of auto loan. While you can increase your chances of receiving the most competitive rates by having a high credit score, a good score isn't a qualification requirement. You can still get a loan with a less-than-perfect credit score.

myAutoloan's online application is already fast, but you can speed up the application process even further by having the following information on hand:

• Personal information: Name, address, time at address, and Social Security number
• Employment information: Occupation, employer, time at employer, and gross monthly income
• Loan information: The estimated amount you want to finance and your desired loan term (the number of months you want to pay your loan back)
• Vehicle information: The vehicle's year, make, model, trim, and mileage, plus the name of the bank or finance company the seller is making payments to (if applicable)
• Seller's information: The seller's name and phone number

• DO calculate a loan amount you're comfortable with, just like you would when purchasing a new or used car from a dealer. Use our calculators and estimators to get a feel for the interest rate, loan amount, and payment amount you're comfortable with and limit your vehicle search accordingly. You'll save yourself the heartache of falling in love with a car you can't afford!
• DO negotiate and agree on a sale price with the seller before you show off your check. If required by your state, complete a bill of sale too. Without it, you could have trouble registering or titling the vehicle in your name. Check your state's requirements for person-to-person car sales.
• DO discuss with the seller how you'll be transferring the funds to them. Depending on the situation, the lender may send the loan amount to a bank account of your choice, to the seller directly, or to the seller's lien holder or bank.
• DON'T hesitate to ask plenty of questions. Even though the owner's CARFAX looks clean, incidents can go unreported and may not show up on the report. Take your time inspecting the vehicle and have it checked out by a mechanic you trust.
• DON'T bring cash or meet the seller at night. Both put your safety at risk.
• DON'T forget to do your homework! As the buyer, you'll have a bit more paperwork to take care of than the seller. The vehicle will need to be retitled and registered in your name, plus any taxes will need to be paid. Check with your local DMV to see exactly what you'll need to do after you purchase the vehicle, as the requirements vary by state.