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scaredflyer21
Topic Author
Posts: 334
Joined: Fri Oct 06, 2000 6:52 am

Buying Used Car

Mon Jul 10, 2006 2:43 pm

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
 
AsstChiefMark
Posts: 10465
Joined: Thu Feb 05, 2004 2:14 pm

RE: Buying Used Car

Mon Jul 10, 2006 2:52 pm

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
Red tail...Red tail...Red tail...Red tail...Red tail...Red tail...Red tail...Red tail...Damned MSP...Red tail...Red tail
 
NWA742
Posts: 4505
Joined: Sat Feb 16, 2002 11:35 am

RE: Buying Used Car

Mon Jul 10, 2006 2:55 pm

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.

 checkmark 

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: Fri Dec 09, 2005 3:46 am

RE: Buying Used Car

Mon Jul 10, 2006 3:57 pm

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.

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.

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