Will a bank allow to me to finance a car from a private seller?

kelsey · 12-22-2009, 09:05 PM

I want to buy a used car from this guy, but he's not at a dealership or anything. If I get approved for a loan from a bank, will they give me a check that I can give to him for the balance of the car that I want to pay off?

Anyone know how this works?

Indpowr · 12-22-2009, 09:09 PM

Yes, but not as good terms unless you have good credit...

rico-2SS · 12-22-2009, 09:12 PM

You can buy from a private seller with bank finance
The bank may require an inspection and a third party appraiser to look at it.
It takes a little time but it can be done.
I sold an SSR to guy in Florida - his bank sent me a check
Good luck

Blownhotrodder · 12-22-2009, 10:25 PM

Check out penfed.

Augie1978 · 12-23-2009, 12:26 PM

Go to your local cummunity bank they will do it. There should be no difference in the interest rate on the loan, could be even less.

Mr_Draco · 12-23-2009, 12:33 PM

Quote:

Originally Posted by kelsey

I want to buy a used car from this guy, but he's not at a dealership or anything. If I get approved for a loan from a bank, will they give me a check that I can give to him for the balance of the car that I want to pay off?

Anyone know how this works?

I don't know about your area but around here I've only seen banks do this if you take out a Private Loan which has higher interest rates. I've not seen any banks here give out a Used Car Loan unless you was buying it from some sort of dealer.

Remember different banks do things differently so you really should go and ask them instead of asking us.

Iroczlover · 12-23-2009, 12:42 PM

also check out with your insurance company, you may be able to get a loan though them.

When we bought our buick (72) we went through state farm, they have their own bank & they were able to keep the intress rate down & write the check directly to the guy.

coolman · 12-23-2009, 01:00 PM

Are you saying the car your buying from him still has a loan on it that needs paid off?

12-22-2009, 09:05 PM	#1
kelsey Drives: 2008 sonata Join Date: May 2009 Location: NY Posts: 27	Will a bank allow to me to finance a car from a private seller? I want to buy a used car from this guy, but he's not at a dealership or anything. If I get approved for a loan from a bank, will they give me a check that I can give to him for the balance of the car that I want to pay off? Anyone know how this works?

12-22-2009, 09:12 PM	#3
rico-2SS Thx TZD. Drives: 2010 Supercharged Custom Camaro Join Date: Oct 2008 Location: Michigan Posts: 1,100 View My Garage	You can buy from a private seller with bank finance The bank may require an inspection and a third party appraiser to look at it. It takes a little time but it can be done. I sold an SSR to guy in Florida - his bank sent me a check Good luck __________________ In many cases this isn't even keeping up with the Jones's, this is Jonesing and just plain KEEPING UP!!!

12-23-2009, 12:26 PM	#5
Augie1978 Drives: 2011 2SS RS Vert Join Date: May 2009 Location: Central Illinois Posts: 621	Go to your local cummunity bank they will do it. There should be no difference in the interest rate on the loan, could be even less. __________________ 2SS RS, Triple Black Vert, Manual, Hurst Shifter. American Racing Headers, Roto-Fab CAI

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12-22-2009, 09:09 PM	#2
Indpowr Account Suspended Drives: Corvette C6 Join Date: May 2008 Location: Florida Posts: 6,959 View My Garage	Yes, but not as good terms unless you have good credit...

12-22-2009, 10:25 PM	#4
Blownhotrodder Drives: 2018 ZL1 1LE Join Date: Dec 2008 Location: Clarkesville , GEORGIA Posts: 1,857	Check out penfed.

12-23-2009, 12:42 PM	#7
Iroczlover The Krazzy bytch Drives: Which car I have 9 vehicles? Join Date: Jun 2008 Location: Yelm, wa, Hell if I think about it to much Posts: 7,918	also check out with your insurance company, you may be able to get a loan though them. When we bought our buick (72) we went through state farm, they have their own bank & they were able to keep the intress rate down & write the check directly to the guy.

12-23-2009, 01:00 PM	#8
coolman Guest Join Date: Jun 2009 Location: PA Posts: 4,812	Are you saying the car your buying from him still has a loan on it that needs paid off?