How do I pay seller with private auto loan?

[Anonymous]

I am about to apply for a private auto loan to purchase a vehicle I found on a facebook listing. Since its not as easy as handing cash over to the guy, once I'm approved, what are the details of the process to getting him the money? Do I give him an account number of some kind. Do I have to get his account numbers and give them to the union Im going through? Or is a private auto loan usually given in cash? Sorry, as a first timer in this region, any help is appreciated.

[junebug225]

If your bank is local I would meet at the bank and do it via cashiers check.

[Appleman]

You will need to do your homework to ensure you are not taken advantage of with buying a car privately.

Where I live, they have a spot out front of the local police station to handle private financial instructions.

The mention of doing this at your bank is another great option.

I would run the VIN number through Carfax at minimum to see who the car is registered to etc.

What type of title do you have in your state. In my state it is an electronic title. You need to request a paper title for selling the car.

You can also ask your bank for suggestions as well, they want to make sure everything is legitimate as well.

[StartingOver10]

Both previous posters above are right. 

Whatever you do, don't wire the funds or deliver them without having the vehicle and title simultaneously which means an in-person trade ($ for vehicle and title).  There is a long running scam(s) where the owner of a vehicle offers said vehicle for a too-good-to-be-true price due to some stated recent hardship. Buyer wires the funds and waits on the vehicle delivery which never happens. Don't fall for this or any version of it. People fall for this one all the time.  That's why it is strongly recommended to do the transfer in person.