Comments for Need Help With a Private Party Used Car Loan

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Wow! Thank You!
by: Maria

Wow, thank you for taking the time. This is helpful.

I am researching the credit unions right now. Good point also about that the car might be the problem as well (another factor I suppose)... It's a Toyota prius - 2006 - 35,000 miles - selling price 16,000 (I already paid some money for the current owner's loan and will need a $15,000 loan myself).

I have the option of just returning the car to the owner and get a new one. Perhaps it would even be easier to get a loan for a new/or used vehicle?

I get the feeling I am getting complicating things with the current situation. Thanks a million!!!
Couple of More Questions
by: Maria

Hi, I have a couple more questions I was hoping you could help me answer.

1. If my friend buys the car for me, and I am the cosigner, will it hurt the chances of getting a loan bc of my (non) credit history? (he has good credit but then again also other loans to pay). - If I am NOT the co-signer, will there be a problem with driving the car/signing the title etc?

2. If I wanted to apply for a loan with one of the 'bad credit loans', places where can I find a decent one for used/private party loans? It all seems to be coupled with buying a car.

Thanks much!
A Couple More Answers...
by: Justin
(Editor in Chief)

Hi Maria,

If your friend cosigns with you your credit will play a role in the lenders decision as to whether or not they give an approval or not. The lenders will definitely want to see someone (your cosigner) that is capable, financially and credit wise, of buying another car. They won't simply look at past credit history to make their decision, but will want to know if your friend can actually take on another car payment. They will qualify him in this way, because if you were to stop making payments that want to be sure that he can easily make them for you, because he wouldn't want to mess up his credit because of non payment.

If he buys the car without you on the loan, then yes, it will be his car and you'll have essentially no rights to the car. He'll have to keep it insured under his name (you could be listed on his policy as a second driver) and he will be the only one on title and registration. In addition, he will be the only one that can transfer ownership of the vehicle, i.e. he's the only one that could sell it.

Those "bad credit loans" websites are simply lead generators for car dealerships and don't actually arrange financing themselves, so if you're looking to buy private party, then these would not be the way to go. Bad credit loans and no credit loans can be hard to secure on your own and usually require that you have a professionals help. In this case, a dealership that has a relationship with lenders that specialize in these types of loans.

It can be a bit frustrating and certainly gets a little complicated on the loan side of things in these situations as there are many factors that must be met when structuring a loan to meet the lenders criteria, i.e. loan structure, vehicle miles, vehicle age, loan term, etc.

Hope this helps,

Justin
Quick response please
by: Courtney

I'm in this EXACT situation. Maria, did you find a solution? I need a car mine are becoming less reliable and I don't want to risk losing my job. I found a great woman selling her car but don't know where to find a loa.n that will accommodate myself and my out of town cosigner. PLEASE let me know if you found a solution.
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