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How do you buy an automobile from a private person? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering you interactive financial calculators and tools that provide objective and unique content. This allows users to conduct research and to compare data for no cost and help you make sound financial decisions. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that are advertised on this site are from companies who pay us. This compensation could affect how and when products are featured on the site, such as such things as the order in which they may be listed within the categories of listing, except where prohibited by law. This applies to our mortgage or home equity products, as well as other products for home loans. This compensation, however, does not influence the content we publish or the reviews appear on this website. We do not cover the universe of companies or financial deals that may be accessible to you.

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3 min read published 10 May 2022

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ins and outs of securely taking out loans to purchase the car they want.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances by providing precise, well-researched and informative data that cuts otherwise complicated subjects into digestible pieces.

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At Bankrate we strive to help you make better financial choices. While we are committed to strict editorial integrity ,

this post may contain references to products from our partners. Here’s a brief explanation of how we earn our money .

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In 1976, Bankrate was founded. Bankrate has a proven track record of helping people make informed financial decisions.

We’ve maintained this reputation for over four decades by making financial decisions easy to understand

process, and giving people confidence in which actions to follow next. process and gives people confidence in the next step.

so you can trust you can trust us to put your needs first. All of our content is written by and edited by

They ensure that what we write ensures that everything we publish is accurate, objective and reliable. Our loans reporters and editors concentrate on the things that consumers care about the most — the different kinds of lending options, the best rates, the top lenders, ways to repay debt, and more — so you’ll be able to feel secure when making your investment.

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Bankrate follows a strict , so you can trust that we’ll put your needs first. Our award-winning editors and journalists provide honest and trustworthy information to assist you in making the right financial choices. Key Principles We value your trust. Our mission is to provide readers with reliable and honest information, and we have established editorial standards to ensure this happens. Our reporters and editors thoroughly verify the truthfulness of content in order to make sure that the information you’re reading is accurate. We maintain a firewall with our advertising partners and the editorial team. Our editorial team doesn’t receive any direct payment through our sponsors. Editorial Independence Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice that will help you make smart personal financial decisions. We adhere to strict guidelines in order to ensure that our editorial content is not affected by advertisements. Our editorial team receives no direct compensation from advertisers, and all of our content is verified to guarantee its accuracy. So, whether you’re looking at an article or review, you’ll be able to trust that you’re getting credible and dependable information.

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You have money questions. Bankrate can help. Our experts have been helping you master your money for over four decades. We strive to continuously provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate adheres to a strict code of conduct , therefore you can be confident that our information is trustworthy and reliable. Our award-winning editors and journalists create honest and accurate content to help you make the right financial decisions. Our content produced by our editorial team is factual, objective and is not influenced through our sponsors. We’re transparent regarding how we’re in a position to provide quality content, competitive rates, and helpful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and, services, or when you click on specific links that are posted on our site. This compensation could influence the manner, place and in what order products appear within listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home lending products. Other factors, such as our own website rules and whether or not a product is available in your region or within your own personal credit score could also affect the manner in which products are featured on this website. While we strive to provide a wide range offers, Bankrate does not include specific information on each financial or credit item or service.

When you’re looking to purchase your next vehicle, options vary from traditional dealers to an online purchase that is delivered directly to your door. The option of buying from a private seller can be an excellent option to secure a good deal, but it requires a little more time than buying from a well-established firm. 1. Secure financing for your vehicle, whether you purchase through a traditional dealer or from a private company, walking in with vehicle financing that you’ve been preapproved prior to the time of purchase is essential to save cash. Try applying to at least three lenders who offer privately-owned auto loans. This will allow you to compare rates and the conditions, and go into the purchase process with a firm grasp on how much . 2. Research Now that you’ve determined what kind of vehicle you could afford to purchase and you’re ready to begin looking for the vehicle you want to purchase. It’s unlikely that you’ll be visiting the dealership, but rather search for the vehicle online using sites like Craigslist as well as Facebook Marketplace or searching ads in your local classifieds. Be sure to look for details on each vehicle’s mileage and background. It is also advisable to look up the vehicle model itself to be sure you’re not . 3. Contact the seller once you find the vehicle, you can then reach out at the vendor. Ask any remaining questions missing in the advertisement. Questions about the history of accidents, how many previous owners and why they’re selling are excellent starting points. Plan a vehicle test drive after your questions are answered. Arrange this to be done in a public place with a family or friend member present. 4. Review the vehicle an in-depth look at the interior and exterior of the car before you take your first test drive. If you purchase a vehicle from a used dealership, it is possible that the owner did not check over the vehicle prior to your meeting. Test the vehicle’s electronics and search for signs of external rust, poor tire tread , or other cosmetic issues. 5. Test drive the vehicle. When test driving the vehicle try and get out onto the road to test how the car handles when you accelerate. Check the brakes and pay at the sound of the engine when you increase the speed. 6. Get the vehicle inspected Following your driving experience it is recommended to get a trusted set of eyes to inspect it. Ask the owner if the vehicle can be taken to a mechanic. This way , you can inspect the hood and confirm the absence of hidden issues. If the owner has any doubts about this then it’s best to walk away as they could be trying to hide any issue with the vehicle. 7. Offer and close the deal Once you know the vehicle is in good condition and you are certain that you’d like to buy it, the time is now to offer. You should make use of the advertised price as a starting basis, you can also use any problems you discovered during the inspection process to leverage for a better deal. Check Kelley Blue Book to see the average selling price is and remember that your greatest power in negotiating is the ability to quit the bargain. The risks of purchasing from a private seller While purchasing a car from private sellers may help you save money, it’s also an opportunity to get into vehicle scams. Watch out for signs of curbstoning, fake advertisements , or possibly identity theft. They can be avoided as long as you watch out for red flags that are common. Don’t buy from a vendor who seems overly pushy. Although there are emotions attached to vehicle sales, take your time and trust your gut. Additionally, you should never buy a vehicle in person and avoid wire transfers. The main point is that buying the vehicle from a private seller is a great way to shop online and save money. However, it comes with the risk of additional risks, so be sure to complete an in-depth vehicle inspection before leaving when you see anything that appears suspicious. Learn more

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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of borrowing money to purchase a car.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances by providing concise, well-researched and well-written data that clears otherwise complicated topics into bite-sized pieces.

Auto loans editor

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