Financing Private Seller

[Anonymous]

I found a great deal on a 2011 Mazda with 46k miles on it with a private seller who still has a loan on it.

I was wondering how financing this would work and if I would have to put down a payment for this car?

[fltireguy]

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@Anonymous wrote:
I found a great deal on a 2011 Mazda with 46k miles on it with a private seller who still has a loan on it.

I was wondering how financing this would work and if I would have to put down a payment for this car?

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You would have to go thru a bank, or CU. My GF's daughter recently purchased a car via private party, and went thru DCU - no issue at all

THere may or may not be a down payment, a lot has to do with book value, and the max that they will lend on that vehicle

[Anonymous]

Check with local CU, or if you are eligible to be a member of USAA they will do private party loans and will overnight everything to you for free. 

[Anonymous]

Not that odd a situation, happens ALL the time
Procedures vary, just a bit normally because of whose gonna handle DMV stuff but no biggie

The bank CU is gonna want a bill of sale (just like with a dealership) generally the seller's bank will give a 14 day pay off (many times you can get it online via screen shot)

With NFCU if the pre-approval was with a dealership they just send a blank check good for 60 days, with a private party they overnight a check with the name printed...

Overall not a big deal many many used cars still have liens, even in the old days but probably more so now with 6,7&8 year freaking loans being very common today....Lots and lots of 84 month car loans today with these prices 😑