Additional Information
Private Sale Car Finance FAQs
Found the car of your dreams through a private sale but don’t have the cash? You need private sale car finance. It can be tricky to get private sale car finance for a used car. Here are some of the most frequently asked private sale car finance questions:
What is private sale car finance?
Private sale car finance is a car loan or other car finance product that is made available for a used car from a private seller.
Where do I get private sale car finance?
Not all lenders are willing to provide private sale car finance, so don’t be surprised if you bank isn’t willing to lend you the money to buy a used car from a private seller. This is where a broker can help. A car finance broker has access to a huge number of car finance products from a diverse range of lenders. It is their job to know which of these financiers will provide private sale car finance for their customers. Basically, a car finance broker will do all the leg work to get you approved private sale car finance on a used car.
Do I need to be a business to use a car finance broker?
Any individual or business can use a car finance brokers. You do not need to be buying a business vehicle to use a broker. Look for a reputable company that offers fast approval and rates that beat the banks, even on private sale car finance.
When I buy at private sale do I limit my finance options?
No, a car finance broker can offer you a car loan, car lease, hire purchase, chattel mortgage or novated lease as private sale car finance.
Does private sale car finance cost more?
Buying a car privately can save you money as the individual seller doesn’t have the overheads that a dealer does. But don’t get caught out when you go to get private sale car finance – a good car finance broker should be able to get a good deal for you even though you are buying privately.
To find out more, contact 360 Financial Services.
Private Sale Car Loans
For most of us, our first car is likely to be a used car. Buying a car with a history can be a daunting concept – do you choose a dealer car or a private sale car? Do you take the dealer’s finance or look for a car loan? And what about the car itself – will it be a “lemon”?
A Private Sale Car versus A Dealer Car
Used cars can be bought through a dealership or as a private sale car. Buying through a dealer can be convenient! There is a warranty and they will usually arrange finance for you – but beware convenience comes as a cost. Remember that dealer cars can be pricier than private sale cars to start with. Also the car loan offered by the dealer may be a much dearer car loan than if you find your own private sale car loan.
If you are serious about saving money you could buy at private sale and use a broker to find the best private sale car loan.
Be aware when you buy a private sale car
The caveat when buying a private sale car is that there is no warranty offered and you have to find your own car loan. Every car offered for private sale will have a different history and condition ‐ only you and your mechanic can decide whether a particular car is worth buying.
Before you buy a private sale car consider:
- Ensure you can afford the repayments on your private sale car loan
- Secure a car loan to suit a private sale
- When you purchase through private sale there is no warranty
- Check that the registration papers relate to the person offering the car for private sale
- Make sure there is no money owing on the private sale car
- Ask to see the paperwork such as the private sale car’s rego, I.D. of the owner and roadworthy inspection slip
Finding finance for a private sale car
When you purchase a car from a private seller there is no option of dealer finance. This is where a car loan broker comes in. A car loan broker has knowledge of a huge number of car loans, so they can find the ideal car loan for a vehicle bought at private sale. Your car loan broker will guide you through the car loan application and settlement of the private sale car loan. Basically a car loan broker makes the transaction easy for you.
Types of private sale car loans
Car loans and car finance products are available to suit your needs. Virtually any car loan options can be used to finance a private sale car. Car leasing, car loans, hire purchase, chattel mortgage and novated leases are all possible options for a private sale car loan. Be as honest as you can with your car loan broker so they can find the right private sale car loan for your budget.
To find out more, contact 360 Financial Services.