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3 minutes read. Published May 10, 2022
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of using loans to buy the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances with concise, well-researched, and well-understood information that breaks down otherwise complicated topics into bite-sized pieces.
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When it comes to buying your next vehicle, choices can range from traditional dealers to an online purchase that is delivered directly to your door. Purchasing from a private seller can be an excellent option to secure the best price, but it takes a bit more thought than purchasing from a reputable firm. 1. Make sure you lock in financing for your vehicle whether you buy from a traditional dealer or from a private company walking in with the financing that you’ve been preapproved in advance is key to saving money. Make an application to three different lenders offering privately-owned auto loans. This way you can compare and terms and walk into the purchasing process with a clear idea of the amount . 2. Research Now that you’ve figured out the amount of car you can afford, it is time to begin looking for your car. You won’t be going into a dealership and will instead be looking for the vehicle online using websites like Craigslist as well as Facebook Marketplace or searching ads in local classifieds. Look out for specifics on the mileage of each vehicle and their background. It is also advisable to conduct some research about the car model to be sure no . 3. Contact the seller once you find the vehicle, you are able to reach out at the vendor. You can ask any other questions that aren’t answered from the ad. Questions about the history of accidents and how many previous owners, and why they are selling are great starting points. Plan a vehicle test drive after your questions are answered. Plan this test drive to take place in a public location with a friend or family member present. 4. Review the vehicle an inspection of the interior and exterior of the vehicle before you begin your test drive. Unlike buying at a used store there is a chance that the owner did not check over the car prior to the meeting. Check the car’s electronic systems and look for any exterior rust, low tire tread , or other cosmetic problems. 5. Try a test drive when testing the vehicle, make sure to try and get out onto the road to test how the car handles at higher speeds. Make sure you check the brakes and pay close attention to the sounds of the engine when you increase the speed. 6. Get the vehicle inspected Following your driving experience it is recommended to have a reliable set of eyes. Ask the owner to let you know if the vehicle is able to be taken to your mechanic. This will allow you to have them look under the hood and confirm the absence of hidden vehicle problems. If the owner has any doubts about this, it is best to leave — they may be trying to hide any issue in the vehicle. 7. Offer and close the deal once you are certain that the vehicle is in excellent condition and you’re sure that you’d like to buy it, it is time to make an offer. While you should use their posted asking price as a starting point, make use of any issues that you have discovered in the inspection process as leverage to get a better deal. Go through the Kelley Blue Book to see what the vehicle’s typical selling price is. Remember that your greatest power in bargaining is the power to walk away from the deal. There are risks when buying privately buying a vehicle from private sellers can help you save money, it’s an ideal place to fall into frauds with vehicles. Watch out for signs of curbstoning, fake advertisements , or even identity theft. They can be avoided as long as you watch out for red flags that are common. Don’t buy from someone who appears overly aggressive. There is a lot of emotion to car sales, take your time and trust your gut. Finally, you also should never purchase a vehicle without seeing it and stay clear of wire transfers. The main point is that buying a vehicle through a private dealer is an excellent way to shop online and save money. However, it is a risk. an additional risk, so make sure to do a thorough vehicle inspection and walk away immediately upon seeing anything suspicious. Learn more
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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.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched facts that break down complicated topics into bite-sized pieces.
Auto loans editor
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