Hello,
I'm considering buying a used car from a private seller (not from a car dealer). Have any of you done this? I only have about half of the money available that they are asking for it, so how have you all payed for yours? I know that I can take out a loan, but is it possible to set up a payment system with the seller that is secure?
Thanks a lot!
Scaredflyer21
Moderators: richierich, ua900, PanAm_DC10, hOMSaR
-
- AsstChiefMark
- Posts: 10465
- Joined:
RE: Buying Used Car
No seller is going to act as your bank. The seller wants the all the money at the time of sale.
You can get a loan from a bank if the bank thinks the price is line with the Blue Book value of the car. Then you make monthly payments to the bank.
Mark
You can get a loan from a bank if the bank thinks the price is line with the Blue Book value of the car. Then you make monthly payments to the bank.
Mark
Red tail...Red tail...Red tail...Red tail...Red tail...Red tail...Red tail...Red tail...Damned MSP...Red tail...Red tail
RE: Buying Used Car
| Quoting AsstChiefMark (Reply 1): No seller is going to act as your bank. The seller wants the all the money at the time of sale. You can get a loan from a bank if the bank thinks the price is line with the Blue Book value of the car. Then you make monthly payments to the bank. |
Make sure you do your research and homework on the vehicle. Get the Carfax, learn the history. Don't buy it if it's had a bunch of owners and/or is an ex-rental. Take it to a mechanic and have it inspected.
-NWA742
Some people are like slinkies - not good for anything, but they bring a smile to your face when pushed down the stairs
-
- dc10s4ever
- Posts: 700
- Joined:
RE: Buying Used Car
Scaredflyer-
Unless the seller is a relative or close friend, they will not be your bank. Now depending on the type/age/miles on the car you may beable to get a loan for the balance. If it is a car that is older than 5-6 years old a loan may be more difficult or expensive to get. In that case, if you have very strong credit you may want to consider a personal loan, but those typically have high interest rates.
All true.
Unless the seller is a relative or close friend, they will not be your bank. Now depending on the type/age/miles on the car you may beable to get a loan for the balance. If it is a car that is older than 5-6 years old a loan may be more difficult or expensive to get. In that case, if you have very strong credit you may want to consider a personal loan, but those typically have high interest rates.
| Quoting NWA742 (Reply 2): Make sure you do your research and homework on the vehicle. Get the Carfax, learn the history. Don't buy it if it's had a bunch of owners and/or is an ex-rental. Take it to a mechanic and have it inspected. |
All true.