Basically what the title says. I'm wondering what the process is like to obtain and use a car loan when buying from someone and not a lot or dealership? If I am getting an auto loan from my local credit union but driving a few hours to meet the person to buy the car, how would that work?
TIA
Car loan process when buying from an individual and not a lot
byu/Last-Substance-5698 inpersonalfinance
Posted by Last-Substance-5698
2 Comments
You’d need to find a lender who will give you a blank check approved up to a certain amount.
Or you’d need to agree on price before you go
You need to be 100% sure that your credit is good enough that you will definitely be approved. You need to trust the seller, because likely you will need to give them a deposit and come back a few days later to pay.
Buying (or selling) expensive cars private is a hassle. I like lightstream.com because they deposit the loan directly in your bank and you can then do whatever the seller prefers. Normally a bank wants a copy of the title and will issue a check made out to the seller.