If you have bad credit or a damaged credit file, chances are that you will not qualify for credit with the big automobile dealers who usually run credit applications through banks who are very strict when it comes to loaning money to those with a credit score under 700. The most popular loan for buying a car, truck, SUV, motorcycle, or van is quickly becoming the person-to-person private party auto loan.
Easy To Obtain
A person-to-person private party auto loan is loan made by a bank or a credit union to you to purchase an auto that is up for sale by a private individual. These loans are relatively easy to obtain as the vehicle that you purchase will stand as collateral for the loan - meaning that if you do not pay as agreed, the lender can repossess the vehicle and sell it off to recoup the money that was loaned to you to purchase it.
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There are many reasons that purchasing a vehicle in such a manner is more advantageous than buying a used car from a dealer lot. The most obvious reason is that you will get to meet the owner of the vehicle, and discuss with them details about such as vehicle history - if the vehicle has been maintained (such as regular oil changes, etc.), and if the vehicles has been damaged in accidents, floods, or fires. In most cases, the private party owner of the vehicle will allow you unlimited time to inspect the vehicle and take a test drive at your leisure.
An added benefit to this type of transaction is that you will be eliminating the middle man - in this case the car dealership. All car dealerships sell vehicles with a significant markup over the original asking price. By buying the vehicle directly from the source, you will get the best price available on the vehicle, and also will have more room to negotiate the sale price.
A private party auto loan is fairly easy to obtain, but you will be subjected to a credit check. It is always a good idea before applying for any type of loan to check your own credit first. You can obtain one free copy of your credit report each year from all three major credit reporting bureaus. Look for any erroneous information on your credit file that might cause you not to be approved, and be alert for any accounts that have been falsely reported as belonging to you. Act quickly to have any items removed that are suspicious by notifying the bureau in question in writing. Usually, a false report on your credit file can be removed within thirty days.
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Once you are ready to apply for your private party auto loan, you might want to consider shopping for a lender online. Online lenders have historically lower interest rates, more money to lend, and increased approval rates as compared to local banks and lending institutions.
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