Overhaulin'

Can i get a car loan for a car thats for sale by an owner?

Theres this car for sale down the street for 5000.00 can i get a loan to get it and pay a bank payment or can you only get car loans through a dealer?

Public Comments

1. you'll probably have to go for a personal loan
2. i'm pretty sure you can get a used car loan from a bank, but the thing is, the terms are a bit different (i don't know exactly, never purchased used before), but they're on a different scheme of things, so you might wanna take a closer look than you normally do at bank stuff...
3. my dad just go a loan 4 $10 000 and the car his buying is thur the cars owner so if u tell the loan place that you buying the car thur the cars owner they should tell u that u can do that and what to do to get the prise
4. You need to be 18 years old to get a loan because it is a legal binding agreement. Now if you are 18 and have a job you probably already have a bank account, go to the bank you deal with and ask them to direct you to a loan officer. The loan officer will check your credit history and the value of the car and determine if that Bank will give you a loan. If the bank gives you a loan they will probably hold the title of the car until you payoff the loan, but some states are different. Good Luck
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6. Yes, if you meet the credit and debt/income requirements of the lender and the car is worth at least $5,000, you should have no problem. Unless it is a 'buy here, pay here' lot, the dealer will go through a bank to get you approved, anyways. I suggest you do the legwork on your own. You can usually find a better rate than the dealer if you have decent credit. Also, if you have decent credit, I would stay away from 'buy here pay here' lots. When they do their own financing, the APR is usually outrageous (20+%) and they make you pay every 2 weeks.