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Fri, Nov 21st - 12:39AM

How to become Successful in making Private Party Car Purchase?

If you are thinking of buying a reliable and affordable car, don't just concentrate on new and used car dealers. You can achieve success in buying a car by choosing one more alternative called "Private Party Car Purchase."

In the process of private party purchase, there are two parties involved:

1. Private Seller - He/she is a person just like you who wants to sell his/her car without contacting a dealer.

2. Private Buyer - If you want to buy a car from a private seller instead of a dealer, you qualify as a private buyer.

Why choose Private Party Car Purchase?

Every used car has four values:

1. Retail Value ( Cost of Used Car at the Dealership Lot)

2. Trade-in Value ( Value offered by the Dealer that will be deducted from the Price of your New Vehicle)

3. CPO Value ( Cost of a Used Car if its Certified and includes Extended Warranty)

4. Private Party Value ( Value at which a Private Seller is willing to sell the Car)

Usually, the Private Party Value of a car is lower than its other values. It is because a private seller doesn't have to incur operating costs and marketing costs that a dealer has to incur in order to sell his car. Also, the private seller is looking to sell the car quickly which means he/she will be more flexible in negotiation than a dealer.

Useful Tips for Private Party Car Purchase

Most car buyers shy away from buying a car from a private seller because they are afraid of choosing the wrong car. Also, there is fear of not finding the perfect car loan deal. But don't worry. If you want to become successful in obtaining a good deal, here are few tips to help you:

Money Matters

When you buy a car, you have to assume a financial responsibility. You must know the amount of monthly payments that will be paid easily by you. For that, you must calculate your Net Monthly Expendable Amount (Total Monthly Income - Totally Monthly Expenses - Savings). It will help you in ascertaining your desirable monthly payment amount.

Details about Documents

Cars are expensive; even those purchased from private sellers. So, you will need a loan to buy a car. Keep all your documents ready like:

a. Your Current Financial Statements and Bank Statements

b. Your Previous Loan and Mortgage Records

c. Income and Employment Verification Proof

d. Receipts of Utility Bills

Car Type

You must know what kind of car you are looking to buy. If you want to buy a convertible, there is no point in meeting private sellers with a station wagon or a sports sedan.

Car History

It is important to know everything about the car. Learn if there have been any accident or damage. Also, ask your trusted mechanic to check the car thoroughly. It will help you in eliminating lemons.

Loan Requirements

Although car loan criteria vary from one lending agency to another, there are few requirements that remain same like:

a. The car should not be driven for more than 100,000 miles.

b. The car should be 8 years old or newer.

So, whenever you choose a car, ensure that it meets the above mentioned requirements.

Private Party Car Loans

You can apply for a private party loan before or after choosing a car. If you apply for pre-approved private party auto loan program, the lender will ascertain your financial stability and provide you with a pre-approved loan amount.

Remember to choose an auto financing company, a lender or a bank that provides private party car loan because there is no point in applying with lending agencies that don't cater to your requirements.

So, these are the simple, but highly useful tips for making a private party car purchase. Remember them to become a successful car buyer.

Buying car from private seller at affordable loan rates Ė it is possible with Rapid Car Loans. Donít worry about bad credit. You just find your perfect car; we will find you the perfect bad credit car loan. Apply now for quick approval.

All the Best!

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Mon, Jun 9th - 11:37PM

Private Party Car Loans Ė The Joy of Car Buying is for everyone

Private party auto purchase is affordable because dealer commission is not involved. You can make it more affordable with Private Party Auto Loans. The company provides auto financing programs at low rates. It is for all those car buyers who detest car buying from dealers.

The company doesnít mind if you have bad credit on your credit report or have a bankruptcy in the past. These things wonít create any problem if you ensure regular monthly payments. Simply show your current pay slips to the companyís representative and get approved.

This is a perfect opportunity of buying a car from your friend, colleague or your neighbor with Private Party Auto Loans. Choose the car and apply on the website for quick approval.

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Fri, Jun 14th - 7:50AM

Become an Ace in securing Private Party Auto Loans

Car enthusiasts keep buying new cars almost every year. This means if you buy a car from them, it will not be very old. Plus, buying an automobile from an individual is better than a dealer because you get car information directly from the horse's mouth.

If you are interested in buying your next car from a private seller, then you will need private party auto loans. The car financing program gives freedom of buying a car from a person. Read this expansive article and get ready to own a used car in an instant.

Know your Money inside out

Before taking any financial decision, you must understand your financial situation. Most private party auto lenders require you to earn at least two thousand dollars every month. They even recommend no open bankruptcy. This is because they want you to make regular payments without any risk. This shows affordability is very important to lenders. So, it is essential to calculate your regular income sources and expenses. Do consider any additional income/expense in the coming months. It will help you to analyze your situation in a better way.

Opt for a car loan only when you are hundred percent sure of managing it.

Are you eligible for Private Party Auto Loans?

Although every lender has different car loan approval criteria, these are the most common set of requirements for getting approval on private party auto loans:

1. You must have a valid SSN.

2. Time at Residence- You must be living at your

current home for more than six months. Also, you must have resided at your previous residence for at least six months.

3. Time at Job- You must be employed at your current job for at least six months. Minimum of six month criteria applies for your previous job as well.

Search for the Perfect Car

Now, this may take a while but you should not lose hope. Keep searching for the best automobile and rest only when you have found the treasure. There are many ways of finding a private seller. Ask your friend if he is interested in selling his car. Anyone from your office might be willing to sell his automobile. So, do not forget to use that option as well. You can also use the web to search for used cars with non-dealer option.

Vehicle Requirements

When you see a car, do not forget to evaluate it from the eyes of the lender. Here are few basic vehicle requirements for getting approval on private party auto loans:

1. The Odometer Statement should not show more than 80,000 miles.

2. The car should not be older than 6 years.

3. The minimum loan amount should be $7,500.

Searching for the Lender

Now, you just need to find the perfect lender who can offer you private party car loans. You can take help of the internet. Remember to check the reliability of lenders. Also, make sure that you consider the loan quotes on several aspects like interest rates, APR, payment schedule, penalties, fees, etc. Choose the car financing program that fits your requirements.

And, that is how you can get affordable private party car loans for next your car purchase.

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Wed, Apr 11th - 1:28AM

Private Party Car Loans - Know Everything about Buying a Car from an Individual Seller

Whatís that one dreadful thing when it comes to getting a car? Most Americans will answer ďdealing with the dealerĒ. Yes, it is so true. We have heard stories about dubious dealers who have conned someone or the other in our social circle. But, we still walk down to the dealership lot half-hearted and full of doubts. You may not know but there is one more option of buying cars. Welcome to the world of private party (nonĖdealer) car purchase where you donít have to worry about a fraudulent dealer and his deceitful methods.

Most people are unaware of this opportunity and think that private party sales are risky. Once you completely understand person to person car sale, you will know that the reality is absolutely different.

What Is A Private Party Auto Sale?

Where buyer meets the seller

When you buy or sell your car to an individual without the dealer in picture, it constitutes a private party sale. When you buy a car from an individual, you donít have to haggle with a dealer. You can meet the seller in person and get all the information from the horseís mouth.

What Are The Advantages Of Buying A Car From A Private Party?

1. As mentioned earlier, you get first-hand information from the seller. There is no dealer to fabricate the vehicle information.

2. No high pressure car-price negotiation.

3. No dealership commission means lesser price.

How to Make a Perfect Private Party Car Purchase?

Make sure it is no junk

When you buy a used car, you need to check it properly. You certainly donít want to end up with a lemon or a clunker. Donít go for a very old car because most State Lemon Laws donít cover them. So, while buying a used car from private seller, follow these important guidelines -

1. Get the carís VIN (Vehicle Identification Number) and run a Vehicle History Report. It will let you know if the car was ever salvaged or flooded. The report will be helpful in convincing your lender that the car is not junk.

2. You must also check the carís title. Most of the times, it will have a lien on it. If the same is with your car, then ask the seller to arrange a meeting with his lender (sellerís lien holder). Discuss at length the conditions and the duration in which the title will be transferred to you. It is always good to talk this out in advance.

3. Get the Odometer Disclosure Statement from the seller. It will have the exact number of miles that the vehicle has been driven. Most lenders insist on getting one from the seller.

4. Ask your trusted mechanic to inspect the car.

How to Get a Private Party Car Loan?

A private party auto lender takes risk in offering auto financing options because there is no additional dealerís warranty. Also, the vehicle is not a certified one. So, lenders want you to fulfill their criteria.

Here are the requirements of private party auto loans -

1. Your age should be at least 18 years old. If you are getting a joint loan, then at least one of the applicants should be 18.

2. A Valid SSN is mandatory.

3. Your gross monthly income should at least be $2,000. A recent pay stub or IT returns (if self-employed) can be used as a proof.

4. Your employment term at the current and the last job should be more than six months.

5. You must be staying for at least six months at your current residence. Utility bills and rent receipt can be used to prove the term.

6. No open bankruptcy.

7. The vehicle should not have been driven for more than 80,000 miles nor should be older than six years.

All these requirements are pretty standard for a car loan and nothing out of the blue. Private party car loans are easy to obtain. There are quick and simple because of no dealership is involved. With several lenders offering private party loan, it is easier to buy a car and fulfill your dream.

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Mon, Sep 19th - 11:36PM

Buy a Used Car with the Help of Private Party Auto Loans

The car has become... an article of dress without which we feel uncertain, unclad, and incomplete. - Marshall McLuhan

Cars are undeniably an important part of the American culture! Every person needs a car of his own. But can everyone really afford a car? Sadly, the answer is no.

The auto industry has suffered the most in the current economic crisis. Lenders have become more rigid in giving out loans. Tighter lending norms, large number of defaults and bad credit scores is the harsh reality. But all these problems have given a new breathing space to the private party auto lenders.

Private party lending is very useful when an individual buys a car from another and no dealer is involved.

Let me give you an example.

You decide to buy a car from your friend, family, or anyone off the Craigslist or eBay. Now you may not have enough money to buy a car on your own. So, the only option left with you is availing auto loans.

Getting approval of auto loans isn't easy, is it?

Lenders want to have nothing but an excellent credit score. They won't even touch the application if it doesn't mention a pristine credit history. They will not trust a private sale.

Amidst all the clouds of rejection and despair, private party auto loans are a silver lining.

The loan rates are obviously a tad higher because of the higher risk of default involved. But the great thing is you don't have to deal with sly salesmen and devious dealers. You also save on the commission which was supposed to go straight in the dealer's pocket.

There are a few private party lenders who may not even ask for a down payment. But it is always advisable to put down 20 % of the amount. It will definitely benefit you in availing auto loans at lower interest rates.

Know Your Onions

Your credit score is of prime importance. Your credit score and the loan approval chances are almost joined at the hip. So get a free credit report and ensure that your information is 100 % accurate.

Regular payments are a must for every loan. So, it is important that you decide on a budget. You must accurately calculate your income and expenses and estimate how much you can afford to pay.

Once you are through this, get first - hand information about the car. You can easily talk to the current owner about car history. You will be able to get all the information about previous accidents, damages and even minor blips.

Trust None, but Facts

Even though the owner (your family/friend) told you all about the car, it is always better to check the facts twice. Several websites will help you get the Vehicle History Report. You only need to have car's VIN (Vehicle Identification Number) for this. This will make you more confident about your decision.

REQUIREMENT for Private Party Auto Loans

>> You must be at least 18 years old

>> You must have a Valid SSN

>> Most lenders want you to earn at least $418 per week or $21,726 annually

>> You should be with your current employer for at least six months

>> You should be living at your current residence for at least six months

>> No bankruptcies and foreclosure

Where Can You Find Private Party Lenders?

Well, several financial institutions offer private party car loans. But, internet is the easiest and quickest way to find it. Many websites offer you to generate free quotes and also give an option to compare them. With increasing number of such websites, you can easily get competitive quotes.

When you take the online road, it is important to do a thorough research.

Internet is full of swindlers and tricksters trying to steal your information. So you must only deal with reputed websites. You must be ensured about the company's credibility. Google the company's name and try to know more about it.

To ensure safety, share your information with websites that have a secured connection. Usually HTTPS in the URL and a security certificate on the website will do the job.

Once you are through it, apply by filling up the application form. If the website doesn't provide with an online application form, seek quotes through e-mail.

It is important to know that any false information can ruin all your chances of getting the loan. So, share correct information only.

When you avail private party loans, the lender might be interested in some requirements such as the make and model, mileage, maintenance, car insurance policy, etc.

As you fill the application, it is sent to local lenders of your area. The lenders compete for your application and this is how you get the best quote.

Don't sign the agreement without comparing quotes. Know everything about the loan terms. Not only compare car loan quotes, but also the pros and cons associated with every quote. Only when you compare, you will have the utmost satisfaction of making a favorable deal.

Private party lending is an affordable option of buying a used car. It helps you to buy a GOOD car without any dealer intervention.

So, what are you waiting for? Avail a private party auto loan and drive your very own car.

Best of luck!

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