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What is the best way to purchase the car from a private person? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive financial calculators and tools that provide objective and unique content. We also allow you to conduct your own research and evaluate information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies who pay us. This compensation could affect how and when products are featured on this website, for example, for example, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law for our mortgage home equity, mortgage and other home lending products. But this compensation does affect the content we publish or the reviews you read on this site. We do not cover the universe of companies or financial offers that may be accessible to you.
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3 min read Published 10 May 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ways and pitfalls of using loans to buy the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to control their finances with precise, well-researched and informative data that cuts complex topics into manageable bites.
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If you’re thinking of buying your next car, the options can range from traditional dealers to a fully online order that is delivered directly to your door. The option of buying from a private seller is a great option to get the best price, but it takes a bit more consideration than buying from a well-established company. 1. Secure financing for your vehicle, whether you purchase through a traditional dealer or from a private company, walking in with vehicle financing you were preapproved for ahead of time is key to saving cash. Try applying to at least three different lenders that offer privately-owned auto loans. So you can compare prices and terms and walk into the purchase process with a firm grasp on the price . 2. Research Now that you’ve figured out the amount of car you can afford now is the time to start looking for your car. You won’t be going into the dealership, but instead search for the car online through websites such as Craigslist and Facebook Marketplace or searching ads in your local classifieds. Check out the details of the mileage of each vehicle and their background. It is also advisable to do some research on the model of the vehicle to make sure there’s no . 3. Contact the seller Once you locate the vehicle you are able to reach out to the seller. Ask any remaining questions missing from the ad. Questions about the history of accidents, numbers of owners before them and why they’re selling are good starting points. Consider a test drive of your vehicle following the answers to your questions. Arrange this to be done in a public location with a friend or family member in attendance. 4. Check out the vehicle Take an in-depth look at the interior and exterior of the vehicle prior to you start your test drive. Unlike buying from a used dealer, it is possible that the owner didn’t check over the car prior to the meeting. Examine the vehicle’s electronics and check for exterior rust, low tire tread , or other cosmetic issues. 5. Test drive the vehicle. When you test the vehicle, take a test drive and then get on the road to test how the vehicle handles at higher speeds. Make sure you check the brakes and pay attention to the sound of the engine when you increase the speed. 6. Get the vehicle inspected Following your experience driving the vehicle It is advisable to find a trustworthy pair of eyes on it. The owner should be asked whether the car can be taken to your mechanic. This way you can ask them to look under the hood and confirm the absence of hidden vehicle problems. If the owner has concerns about this request, it is best to leave — they may be trying to hide any issue with the vehicle. 7. Offer and close the deal when you’re sure the vehicle is in good condition and you are certain that you want to purchase it, the time is now to make an offer. You should make use of the price they have listed as a starting point, use any vehicle issues you found in the inspection process to leverage for a better deal. Go through the Kelley Blue Book to see what the vehicle’s typical selling price is, and remember that the most powerful tool you have in negotiations is the option to walk away from the deal. The risks of purchasing through a private seller Although buying a vehicle from private sellers may save you money, it’s an opportunity to get into scams with vehicles. Watch out for signs of curbstoning, fake advertisements or the theft of your identity. This type of scam are easily avoided so long as you keep an eye out for common red flags. Do not buy from a seller who seems too pushy. Although there are emotions attached to sales of vehicles, you should be a shrewd buyer. Finally, you also should not buy a car sight unseen and avoid wire transfers. The main point is that buying a vehicle through a private dealer is a great option to shop on the internet as well as save some money. But it does come with the risk of additional risks, so be certain to conduct a thorough vehicle inspection before leaving at the first sight of anything suspicious. Learn more
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely borrowing money to purchase the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances through providing clear, well-researched data that clears otherwise complicated subjects into digestible pieces.
Auto loans editor
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