Can I get car finance for a private sale?
If you’re currently looking to buy a car, you might see one that suits your needs in a private sale. You’ve heard that finance agreements can be made readily available through dealerships, but you’re asking yourself the question ‘can I get car finance for a private sale?’
The answer is yes, certain lenders will consider offering car finance for a vehicle that is being sold privately, but there are some additional factors involved. Here at Car.co.uk, our quote engine with a leading broker is one such service that offers this.
Purchasing an almost new vehicle can be a more cost-efficient choice open to car buyers. While car dealers do sell used cars, those sold privately are often considerably lower in price. With car finance available for purchase in a private sale as well as through a dealership, checking out local listings is worth doing when buying a used car.
Making a purchase through private sale
Often, car buyers seeking to purchase a vehicle in a private sale would need to find the funding to acquire their chosen car. Here at Car.co.uk, we can give you access to lenders who specialise in offering car finance agreements in a variety of different circumstances, including private car sales as well as those bought via dealers.
Secured private sales
While you can get car finance for a vehicle in a private sale, you may need to give additional information to your lender. This information is usually details only the private seller of the vehicle will be able to supply.
It’s important for the company lending the money to be sure the sale is secure before supplying you with a car finance agreement. This security will include getting the details of the vehicle’s history and knowing that it’s legally available for sale with no outstanding debts attached to it.
Before making your application for a car finance agreement, ensure that the seller is willing to provide all the information you require to complete the process. Legitimate sellers should have no problem assisting you in this request.
Level of protection
When buying a car in a private sale always be aware that you’re not provided with the same kind of cover available when you buy your vehicle from businesses such as dealerships. It’s essential that you feel absolutely sure in your decision before committing to your purchase in a private sale. If there’s any aspect of the sale you are uncomfortable with, consult professional advice before buying.
Check your eligibility
You can find out if you’re likely to be able to acquire car finance before you even start looking through the listings of private sales by getting in touch with our specialist advisors, or checking your borrowing availability with our online calculators.
Finance for a private sale
The finance company you apply to for lending will require a thorough check of the vehicle for which you are looking to borrow funds. This is to make certain the vehicle is being sold lawfully, there are no outstanding agreements for finance or outstanding debts attached to it, and that the stated history of the car checks out completely.
Getting the best deal with the best advice
We understand that car buyers are always seeking the best deal possible for their chosen make and model, which is why we offer a full range of services to assist.
If you’re currently considering making a purchase in a private sale and are looking for a finance agreement, don’t hesitate to get in touch with us or arrange a call back. A member of our team will outline the options open to you for securing a finance deal for a private car sale so that you can make an informed decision.
