Overhaulin'

Can you use a bank car loan to buy a car from a private party?

How can I get cheated? It would be done in person

Public Comments

1. yes, but you better get a legal contract drawn up or you could get cheated by that private party,
2. Yes, I've done it. The bank looked the vehicle over prior to funding. Go to the bank and get approved for a car loan. Ask them about the details, my bank would only loan on a car up to like 7 years old, I don't remember anything else.
3. Yes you can but remember that they will have to sign over the registration to you and that costs money, I think its $2 per $100, do a search to make sure that the vin number is not on the stolen cars list and that they have proof that they own the car outright or a finance company could come along and claim it and you would still be liable for your loan and have no car, so a statutory declaration would help signed by a jp or yes you can get cheated, hope this helps you, goodluck! :)
4. Yes, this is an easy transaction. First ask the seller of the vehicle if the car has a clear title. This means that they do not owe a bank any money and have the title in hand without a lien. If it is, which is best, go to your local bank with the details of the car. You'll need the mileage, Vehicle Identification Number (VIN), year, make and model. Some banks will want to do an inspection before hand. The seller shouldn't have a problem doing so. The bank will draw up a contract with you and they will place a lien on the vehicle and give you a bank check to give to the seller. The seller will sign over the title to you and you will have to give that to the bank so they can do the proper paperwork to place the lien on your new car.
5. It can really save you time to just get a car loan quote online to check out what the going rates are. You might be totally happy. Also if your credit is not the best, a lot of online loaners are more willing to help you. What I most often tell friends is that an online quote at http://auto.lowratetoday.com is a no brainer.