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Personal car loans finance the sale of a car between individuals that typically come with a higher interest rate than buying from a dealer
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Written by: Daniel Robinson Written by: Daniel Robinson Author Daniel is a team guide writer and has specialized in car finance and car care topics for several automotive news and marketing companies in the US, UK and Australia. Daniel is on the team providing guidance on auto insurance, loans, warranty options, auto repairs and more.
Here’s How To Get A Car With No Down Payment
Edited by: Rashawn Mitchener Edited by: Rashawn Mitchener Editor-in-Chief Rashawn Mitchener is a How-To staff editor with over 10 years of experience covering personal finance and insurance topics.
While you can get a great deal on a car through a private sale, if you want to finance the purchase, you’ll need to find a private car loan lender. Our guide team will explore what private car loans are, where you can get them and what you should know before financing your car.
We’ll take an in-depth look at the market to see which lenders offer car loans to private parties – and who offer the best car loan rates and service.
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What Credit Score Do You Need To Buy A Car?
Highlights Average monthly savings of $150 Options A+ BBB rating Compare personal loans Courtesy work
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Highlights No application fees A lending platform that partners with banks Loan approval and terms based on multiple variables including education and employment
All APR data was last updated on 7/14/2023. – Check our partners page for the latest details. Rates vary based on your credit score, credit history and loan term.
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The Guide team is dedicated to providing you with reliable information to help you make the best financing decisions for your vehicle. Because consumers depend on us to provide objective, accurate information, we’ve created a comprehensive rating system to create our rankings of the best auto loan companies. We collected data from dozens of lenders to rate companies based on a wide range of rating factors. After 300 hours of research, the final result was an overall score for each provider, with the companies with the highest scores at the top of the list.
Our team found that AutoPay, PenFed Credit Union, MyAutoLoan and Digital Federal Credit Union currently offer the best auto loans for private consumers. The sections below contain key details about our top private car lenders. Note that the lowest annual percentage rates (APR) shown here are for borrowers with excellent credit.
Autopay offers competitive rates and low minimum credit scores that make it easy for the average person to buy a car. For these reasons and because there are no application fees or prepayment penalties, we give Autopay our best car loan overall award. Autopay also allows borrowers to take out short-term loans that can be repaid quickly.
Professionals offer pre-qualification with affordable credit Low APRs for borrowers with good credit No application fees or prepayment penalties Offer Guaranteed Asset Protection (GAP) insurance
Financing A Used Car
PenFed Credit Union offers competitive rates on both new and used vehicles. You must be a member to access special offers like cashback offers, but joining PenFed is easy. The credit union has a slightly higher minimum credit limit than other lenders at 650 for auto loans, but it also has a lower minimum loan amount.
PenFed receives strong feedback from customers on sites like TrustPilot, with positive reviews focusing on the smooth application process.
MyAutoloan car loans start at 6.18% per annum, with a fast and free application process. The company allows you to compare four loan offers in just a few minutes and has a low credit score that allows you to find a car loan with bad credit. We love the flexibility regarding loan amounts and terms that myAutoloan features.
Benefits Multiple types of car financing Compare up to four quotes online in minutes Online car payment calculator and credit estimate
Wwfcu Makes Car Buying Easier
Digital Federal Credit Unions have more flexible loan amounts and terms than many lenders and are easy to join. The company also offers 24-hour customer support, special programs for first-time car buyers, discounts on electronic payments, and instant loan approval for many borrowers. Positive customer reviews of credit unions point to a simple and quick application process.
Private party auto loans allow you to buy a car from a private seller instead of a dealership. A car dealership has a license to operate, which makes it more trustworthy to lenders than an individual.
Unlike standard car loans, private party car loans are usually secured. This means they are backed by a warranty – in this case, the car itself. With a secured car loan, the lender is the lien holder and holds the title to the car until you repay your loan.
For personal auto loans, lenders may charge higher interest rates or have different requirements for borrowers and vehicles. For example, you may need to take out default insurance or make a large down payment.
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Although personal auto loans differ in some ways from conventional auto loans, the qualification process is essentially the same.
The first step to qualifying for a private party auto loan is knowing how much you can borrow. In general, it is recommended that your monthly car loan payment should not exceed 10% to 15% of your take-home pay. The total monthly cost of your car, including insurance, should not exceed 20% of your monthly income.
Using an online car loan calculator is a great way to estimate what’s in your budget and what your monthly payments might look like. The car loan calculator asks for the following information:
After you decide how much car you can afford, you can start shopping for a car within your budget. Websites like Craigslist, eBay and Facebook Marketplace are good places to start your search.
Loan Company With The Best Rates?
Remember that lenders have restrictions on which cars they will and will not finance. These restrictions usually include:
Once you’ve found the car you want, it’s time to apply for financing. Applying for a private sale car loan requires a strong credit check. However, multiple hard checks in a short period of time count as a single inquiry, so comparing lenders won’t hurt your credit more than making just one application.
Most lenders allow you to apply for a car loan online. You’ll need the vehicle’s VIN number, along with personal information such as your social security number, employment information and financial information.
Compare loan offers to see which lender has the best financing options for you. The APR you’re looking at is the most important factor to consider, but you should also consider things like whether the loan comes with a prepayment penalty and what the late car payment fee is.
The Best Auto Loan Rates In March 2024
In our 2023 consumer survey, 18% of 2,000 respondents took out an auto loan from Bank of America. Our research shows that banks are the most popular source of car loans.
The rates that lenders offer to borrowers vary based on several factors. Here are the highlights:
Through our research, we found that the initial rates for personal auto loans are between 4.49% and 6.18%. However, the rates you get will depend on a variety of factors, including your credit score, loan term and the type of car being financed. You can compare car loan interest rates by credit score below to get an idea of what your rates might be.
Although private car loans have higher interest rates than standard used car loans, there are some advantages to buying a car through a private sale.
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For starters, you can get a good deal. Car dealerships have a lot of overhead costs, which are often built into the price of the cars they sell. In addition, a person may be in a hurry to sell his car or he no longer needs it. In any case, the purchase price in a private sale can offset the difference in interest rates.
Another advantage of selling cars for private parties is that you don’t have to go through a high-pressure sales experience. Since this process is designed to exhaust you and sell you as much as possible, it’s understandable that you’d want to avoid this. Buying a car from someone will require a bit of effort on your part, but the experience can be much smoother.
Car loans for private parties
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