Compare Buying a Car from a Dealership or Private Party, private party auto loans.#Private #party #auto #loans

Dealer Versus Private Party Purchases

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Ready to buy a used car? Have you decided whether you’ll visit a used car dealer or buy from a private party? Are you familiar with the differences between the two?

We’ve got the information you need to learn more about used car dealer purchases versus private party purchases, the pros and cons of each, and how to weigh them against each other to make the best decision for you.

Dealership Private Party Used Car Sales

When you decide to buy a used car, you can buy from either a used car dealer or a private party.

Generally, buying a used car from a dealer takes a lot of pressure off of you—the buyer—because typically the dealer handles all the nuts and bolts of car buying (such as paperwork); on the other hand, private party car sales mean you and the seller must take care of the entire transaction yourselves. On the flip side, you may find it much easier to negotiate a price you want with a private party, especially if they have a pressing need to sell.

This is just a glimmer of what to expect when buying a used car from a dealer versus private party car sales. Let’s take a look at some of the other pros and cons of each.

Dealership Purchases: Pros Cons

Pros to buying your used car through a dealership include the following:

  • As stated above, generally the dealer handles all the paperwork associated with ownership or title transfer and registration for you.
  • Most dealerships offer financing options.

  • You can always look into bank auto loans, but it’s still nice to have options you can compare.
  • Sometimes, dealerships offer warranties on their used cars.
  • Usually, cars from a used car dealer have been thoroughly inspected and, if necessary, repaired.
  • Some dealers sell certified pre-owned vehicles.

    • This means the used car has been through an official series of inspections and possible repairs, and comes with a special warranty.
  • You might have to visit only a few dealership locations to find the right used car for you.
  • You might already have a used vehicle you can use as a trade-in vehicle, which could act as part of the “new” used car’s down payment.
  • Buying a used car from a dealer offers you more legal protection than buying from a private party.

    • For example, because of the stringent laws dealerships must follow, you’re less likely to run into problems such as purchasing a lemon or undisclosed salvaged vehicle.
  • Consider these cons of buying with a dealership before making your purchase:

    • Sometimes, used car dealerships charge higher prices than do private parties (and leave less room for negotiation).
    • You must deal with a professional sales team, which could get pushy as they often rely heavily on sales commissions.

    • Unfortunately, these sales personnel may not have your best interests at heart; they want to make the sale so they can make their commission.
  • It’s easy to get distracted by special deals and lose sight of your bigger picture.

    • You might walk onto the lot knowing what you want, but a dealership’s holiday sales, sales pitches, and buyer incentives could derail you.
  • Private Party Purchases: Pros Cons

    The following are pros to buying your used car through a private party:

    • Many private parties use “blue book” value (generally from the Kelley Blue Book) to determine their asking price.

    • The KBB is an excellent resource for determining the true value of a used car.
  • Sometimes, you have more negotiating room with private sellers.

    • Again, you can refer to the KBB to get a seller’s original asking price lowered.
    • Also, sometimes sellers are eager enough to move their used cars that they’ll accept an “OBO” (“Or Best Offer”).
  • Although they want to sell their used cars, many private sellers aren’t as pushy as dealership salespeople can be.
  • Of course, buying from a private seller isn’t free of risks. Consider the following cons:

    • Private sellers aren’t bound by the same strict state and federal laws as are dealerships.
    • You won’t receive a warranty on the vehicle.

    • Most private sellers sell their used cars “as is,” meaning, you’re stuck with whatever problems pop up.
  • Generally, there are no trade-in options; sellers want cash, not your current vehicle.
  • Typically, a lot more footwork goes into finding the right used car from a private seller.

    • Unless you get lucky, you could find yourself visiting way more private sellers than you would used car dealerships—and you must research each and every one of those used cars.
  • Ordering a vehicle history report is easy enough, but having a trusted mechanic inspect the vehicle depends on the seller’s time—not yours.
  • You and the private seller are responsible for all the paperwork.

    • Such paperwork can include the bill of sale and/or transferring the title, as well as transferring the registration and handling all related taxes and fees.
    • Most often, these transactions mean a trip to your department of motor vehicles or equivalent agency.
  • Depending on your state of residence, it’s up to you to make sure the vehicle is up to date on its smog and inspection requirements.
  • Dealer or Private Party: Your Choice

    Going over our list of pros and cons above might make you feel as if buying a used car from a dealer is the way to go—and for many, it is.

    However, that’s not to say that buying a used car from a private party is without its perks. Even with all the paperwork and other transactions you must handle yourself, buying from a private seller sometimes is more convenient.

    Weigh the pros and cons against your personal situation (what kind of budget do you have? How much time can you spend? Who is offering the exact used car you want?) before you make your choice. Don’t enter either transaction on a whim.

    Related Products Services

    Buy Your Next Car with Confidence

    Get your detailed vehicle history report in 3 easy steps!

    Bill of Sale Form

    You’ll likely need a bill of sale when buying or selling a vehicle in a private party transaction.

    Kelley Private Party Value, Used Car Values for Private Car Sales, private party auto loans.#Private #party #auto #loans

    Kelley Private

    is Willing to Pay For It

    The Kelley Private Party Value is, in my opinion, the most worthless of the four values that Kelley Blue Book (KBB) provides.

    Ouch! I know that may have come across a little rough, but I’ll explain why in a second.

    Although, I don’t think it is a very significant number, I’d like to show you some ways to use the Kelley Private Party Value if you are looking to buy a car via a private party car sale and want to wiggle a seller down.

    If you are considering selling a car via private party car sales, then I’d also like to show you why it’s best to ignore this number if you want to maximize profits.

    Why I Consider It

    To Be A Fairly Worthless Value

    I consider it to be fairly worthless, because it is not a very easy value to get accurate data on.

    Sure Kelley Blue Book could check registration data and sale prices through the Motor Vehicle Departments records, but how many buyers and sellers actually report accurate numbers with private party car sales.

    It usually benefits both the buyer and the seller to report a lower sale price.

    For instance, if the actual sale price was $10,000, but the buyer reports only paying $5,000 for the vehicle, then they pay half in taxes.

    From the sellers stand point, why not go along with that. If the buyer ever tries to sue for their money back down the road, the seller is only liable for the provable sale price of half, or $5,000.

    It also seems overly convenient to me that the private party value established by Kelley Blue Book almost always falls neatly, and squarely, between their retail value and wholesale value.

    I don’t think Kelley Blue Book has quite the handle on the private party value as they’d like you to believe.

    How A Buyer Can Use It

    To Negotiate A Better Price

    Whether I believe it to be a worthless number or not, there are thousands upon thousands of consumers that consider Kelley Blue Book values to be the “end all be all” of used car values.

    If Kelley Says So, Then It Must Be So!

    You can oftentimes use that mentality to your advantage if you are dealing with a somewhat stubborn private party seller and you feel they are asking too much for their car.

    Simply use the Kelley Private Party Value (assuming it’s less than the sale price) as a reference to show them, without appearing insulting, that this is what the “whole world agrees” this car is worth via a private party car sale.

    Use other peoples perceptions, of Kelley Blue Book as the leader in used car values, to your advantage here.

    Ignore This Value If You

    Are Selling A Car Private Party

    If you are selling a car private party, then don’t start out asking the private party value for your car. If you do this and someone eagerly comes along and pays the full asking price, then you probably just left money on the table.

    Always start high, especially if the vehicle you are selling is in good shape and/or has extras that Kelley Blue Book would only give a limited or even no value for.

    and on, and on, and on.

    Always price the vehicle just a bit higher than you’d feel comfortable asking for it. You never know someone may just come along and pay it all.

    Trust me, it’s a heck of a lot easier to go down in price then to go up. If you’re still concerned, then be sure to always list the sales price with OBO (or best offer).

    Of course, if you are in a serious hurry to sell the vehicle, then you may have to settle for a less profitable deal and these tips may not apply.

    If you are sure you’ll be selling your vehicle via a private party car sale, then you’ll definitely want to read my How To Sell A Car Guide. This will help simplify the process and will help you to maximize profits!

    If after all this you feel you’d still like to reference the Kelley Private Party Value, then by all means do so, but keep in mind that Kelley Blue Book is simply a guide. Nothing more and nothing less.

    Basics of Private Party Loans – Payment Between Individuals #o #reilly #auto

    #private party auto loans

    Private Party Loans

    By Justin Pritchard. Banking/Loans Expert

    Justin Pritchard helps consumers navigate the world of banking.

    Private party loans can refer to a few different things. The traditional (and most common) type of loan is an auto loan used to purchase a used vehicle. Instead of buying from a dealer. you re buying from a private party. so getting a loan is a little bit different.

    Some of these loans are a great deal for all involved.

    Private Party Auto Loans

    In the age of Craigslist and similar sites, finding a used car is easy. But finding funding isn t as simple. If you buy from a dealership, they ll offer (or push ) financing, which they ve arranged with local or national lenders, and it s hard not to walk out without getting a loan.

    When you re dealing with a private seller, lenders are more hesitant. They don t know anything about the vehicle — it s your responsibility to figure out what it s worth.

    However, banks and credit unions know that there is money to be made in lending money, so they offer private party loans.

    Private party auto loans are similar to standard auto loans, but they tend to come with a slightly higher interest rate, and they generally won t last as long (banks are taking more risk with a used vehicle, so they want to limit their risk).

    Where to Get One

    To get a private party auto loan, you ll need to apply, and approval will be based on the same factors that affect every loan: mainly your credit scores and your debt to income ratios ; the lender wants to see that you ve got enough income to repay the loan, and that you re familiar with borrowing money.

    Continue Reading Below

    If you can t qualify, you can always try using a co-signer .

    Numerous banks and credit unions offer these loans. A quick search will show you some of the big banks in the market, but you should also shop smaller institutions. If you aren t having any luck with a big bank, try a small local bank or credit union. which might be more accommodating.

    Other Types of Private Loans

    Sometimes loans between individuals create a win-win situation: great for lenders (who earn more than they can at the bank) and borrowers (who pay less interest than they would at the bank). When borrowers have poor credit, private loans may be the only option available, although they generally come with higher rates.

    Where to Borrow

    There are basically two ways to find private party loans: peer to peer lending services and people you know. To borrow from strangers, visit a peer to peer lending site and apply for a loan. Even if you set up a private party loan with somebody you know, these sites may help with loan documentation and servicing.


    Documentation is a key to any private party loan. Make sure everything is spelled out in writing, and everybody understands and agrees. While it may seem overly formal, documentation can prevent headaches and heartbreaks in the future.

    To document your private loan, write an agreement or use somebody else’s. For larger loans, it’s probably best to use a professionally prepared agreement — a lot can go wrong, and good loan agreements anticipate pitfalls.

    For private party loan documents, search the web, work with a local attorney, or use a peer to peer lending service that specializes in these loans. For example, LoanKin sells agreements and even processes payments on mortgages and other loans.

    WA State Licensing (DOL) Official Site: Transfer ownership of a vehicle when buying from a private party #auto #connection

    #auto bill of sale

    2. Gather the information you ll need

    Find out how much it will cost by contacting a vehicle licensing office location .

    3. Complete all necessary forms

    • Vehicle/Vessel Bill of Sale Completed by you and the seller.
      • Enter sale price This is used to calculate the use tax .
      • Enter zero if it s a gift or inheritance.
    • Vehicle Certificate of Ownership (Title) Application Sign it in front of a:
      • notary public, or
      • licensing agent at an office .

    4. Submit your forms and payment

    Submit the following to an office :

    • Vehicle/Vessel Bill of Sale,
    • Vehicle Certificate of Ownership (Title) Application,
    • The current vehicle title, and
    • Payment contact an office for the exact amount.

    If needed, also submit:

    • Emissions testing report,
    • Affidavit of Loss/Release of Interest, or
    • Odometer Disclosure Statement.

    Getting your title

    How quickly do you want your title?

    • You can visit or mail your forms and payment to an office .
    • It will take 8 10 weeks to get your title.

    If you need it faster than 8 10 weeks:

    • You can visit or mail your forms and fees to a Quick Title office * .
    • It ll cost $50 plus the title fees.

    * Note: Quick titles aren t available for snowmobiles, vehicles or boats reported as stolen, insurance or wrecker-destroyed vehicles and boats, or vehicles with WA Rebuilt on the title.

    5. Get new license plates

    Since the vehicle has changed ownership, you ll need to get new plates.

    There are exceptions Plates don t need to be replaced if:

    • You re removing a deceased spouse or domestic partner from the title.
    • You got your vehicle from:
      • your spouse or domestic partner,
      • a family member as a gift or inheritance, or
      • a trust in which the registered owner or their immediate family members are the beneficiaries of the trust.

    6. Add the vehicle to your License eXpress account

    • See when your vehicle s tabs are due.
    • Make sure your address is up-to-date.
    • Sign-up or update email renewal notices and more.

    Private Party Car Loans At myAutoloan #used #auto #parts #search

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    We can arrange your private party car loan online safe & easy

    Private party car loans can relieve you of paying out-of-pocket for a car that s not from a dealer, auto broker or car lot. Even better, private party car loans are an affordable option for almost any budget. The fast and simple application provided by can match you with up to 4 of our lenders with unbeatable rates, all within minutes on the web.

    myAutoloan is happy to be a financial resource that connects customers directly to real lenders with competitive rates so they can secure the car of their dreams. The private party auto loan application only takes about two minutes, is completely confidential, and is free of price and obligation.

    You ll be matched with our trusted lenders and on your way to a check or online certificate confirming your new auto loan in as little as 24 hours. By arranging your private party car loan now, you’ll be better prepared to purchase your next vehicle with no worries or hassle attached.

    Don t wait get your next private party car loan today from

    Ssae 16 Type Ii #is #ssae #16 #needed,reports,reviewing #ssae #16,ssae #16,ssae #16 #audit #review,ssae #16 #review,ssae #16 #review #checklist,ssae #16 #reviews,ssae #review,ssae #reviews,ssae-18,ssae16,ssae16 #review,standards,third #party #ssae #guidance #review,who #is #required #to #have #a #ssae #16,who #is #required #to #have #ssae #16,why #get #ssae #16,audit #intensedebate,leave #a #reply: #name #(required): #website: #comments: #submit, #moderation,\’leave #a #reply\’ #\’name #(required)\’ #\’mail #(will #not #be #published) #(required)\’ #\’website\’ #it #services,controls,how #do #you #prepare #for #an #ssae #16 #audit,how #to #prepare #for #a #ssae #16,how #to #prepare #for #an #ssae #16 #audit,new #avenues #for #ssae #16,preparing #for #a #ssae #16,preparing #for #ssae #16,report #writing,ssae #16 #audit #preparation,ssae #16 #consulting #do #we #need,ssae #16 #preparation,ssae #16 #report,ssae #no. #16,example #soc #1 #report,soc #1,soc #1 #report,soc #1 #reports,soc #1 #type #2,soc #1 #type #2 #report,soc #1 #type #ii #report,soc #2,soc #3,soc #i,soc #report,soc #reporting,soc #type,soc #type #1 #report,soc-1 #report,soc1,soc1 #report,soc1 #reporting,soc1 #soc2,ssae #16 #reports,ssae #16 #soc #1,ssae16 #compliant #soc #1,system #and #organization #control #report,what #is #a #soc #1 #report,what #is #a #soc1 #report,what #is #ssae #16 #soc #1 #and #soc #2 #difference,at-c #320,cost,definition #soc #1 #ssae #16,how #ssea #16 #helps #auditors,prices,pricing,soc #1 #audit,ssae #16 #audit,ssae #16 #audit #checklist,ssae #16 #audit #report,ssae #16 #audit #requirements,ssae #16 #auditing #standard,ssae #16 #auditor,ssae #16 #checklist,ssae #16 #cost,ssae #16 #costs,ssae #16 #prices,ssae #17 #audit,ssae #18 #report,ssae #soc #auditing #and #reporting,ssae16 #audit,ssae16 #audit #report,ssae16 #checkilst,what #is #a #ssae #16 #audit,what #is #ssae #16 #audit,what #is #ssae16 #audit,what #is #the #purpose #of #a #ssae #16 #audit?


    The SSAE 18 Reporting Standard SOC 1 SOC 2 SOC 3 Support and Guidance for SSAE18, SOC 1, SOC 2, and SOC 3 reporting standards

    Some organizations have heard of SAS 70, SSAE 16. and soon to be SSAE 18. but, don t really know WHY they need to pay to have a bunch of auditors trounce through their company for a month or two during the year, especially right after their financial audit just finished.
    The answer is simple: Many companies will not even think about using your company to perform services for them without a clean Type II Report in place.
    Some benefits of having an SSAE 16 performed :

    • Ability to perform outsourcing services for Public Companies.
      • If performing financially significant duties for a Public Company, they are required to use a SSAE 16 qualified provider as it is the only way to give investors assurance over controls that are not performed by the Company in question.
    • Public and Private companies are more likely to trust your organization with their data.
      • If you were to trust a company with your data, you would want complete assurance it will be handled with the utmost care
    • A year round accessible knowledge source (your auditors).
      • As a service organization, large or small, you will always have questions regarding your business and having a set of auditors in place with access to a wide array of business knowledge, it will allow you to bounce your questions and concerns off of a group of trusted individuals.
    • A third party to review your controls and activities to ensure they are functioning appropriately, and give advice on how to improve upon them.
      • Sometimes your internal audit department is good, but, not always as stringent as they should be. This will help to serve as a check on their work, as well as your staff. Additionally, if there were any findings noted, your auditors are in a great position to give you some tricks and tips to improve to ensure everything functions well the following period.
    • Improving performance of the organization.
      • Just the knowledge that a review is being performed of an employee s work that can have far reaching consequences for the company as a whole. No more, Oh, I didn t realize that reviewing user access was THAT important to do this month, sorry , now, everyone knows that if it s not done, the success or failure of the organization could rest upon them.

    Think of the SSAE 16 or SSAE-18 audit as an annual investment into your company, increasing potential new clients. productivity and accountability .

    This tip is focused on designing controls that reflect the process being testing, if they don t, a headache of massive proportions will be created once testing begins.
    What do you do to make sure you don t screw this up? Have as many meetings as it takes to get it right.
    What you need to do is sit down with the auditors, the department lead, the main employees responsible for performing the process, and anyone else whom could either play a role in testing or modifying the control in the future. Once that is done, Management should discuss what they determined the control to be and how it should operate, that is then reviewed by the auditors, and then the employees performing the tasks should be reconsulted to verify that the control still reflects their process accurately.
    Many times people try to speed this process up and half-ass it, leaving many open items which upon testing could easily blow up into a huge problem. When the control isn t 100% agreed upon prior to testing and a deviation is noted, it s a tough call between failing the control and the ability to adjust it to accurately reflect the process. The problem is modifying a control after testing has begun is not proper and needs to be avoided at all costs.
    Locking the controls locked down early on could save weeks in wrapping up your new SSAE 16 Report.
    We have seen issues like this cause delays in issuing of the report to the client and running additional fees, since adjusting controls isn t free. Coming from the perspective of the auditor, we can let you know the pitfalls, consequences and how to best navigate the audit process. If you have any comments or questions please leave them below!

    A SOC 1 Report (System and Organization Controls Report ) is a report on Controls at a Service Organization which are relevant to user entities’ internal control over financial reporting. The SOC1 Report is what you would have previously considered to be the standard SAS70, complete with a Type I and Type II reports, but falls under the SSAE 16 guidance (and soon to be SSAE 18 ).

    Please see the following articles discussing the SSAE 16 guidance and additional information related to the SOC 1 (Type I and Type II) Reports:

    In addition to the SOC 1 report which is restricted to controls relevant to an audit of a user entity’s financial statements, the SOC 2 and SOC 3 reports have been created to address controls relevant to operations and compliance and will be discussed in further detail in the future.

    Please see the SOC 1 Reporting Guide page for additional information.

    SSAE 16 is an enhancement to the current standard for Reporting on Controls at a Service Organization, the SAS70. The changes made to the standard will bring your company, and the rest of the companies in the US, up to date with new international service organization reporting standards, the ISAE 3402. The adjustments made from SAS 70 to SSAE 16 will help you and your counterparts in the US compete on an international level; allowing companies around the world to give you their business with complete confidence .

    SSAE16 is now effective as of June 15, 2011, and if you have not made the necessary adjustments required, now is the time to find a quality provider to discuss the proper steps. All organizations are now required to issue their Service Auditor Reports under the SSAE 16 standards in an SOC 1 Report.

    The soon to be effective, SSAE-18. is expected to follow a similar reporting structure to the SSAE-16 within a SOC 1 report.

    Who Needs an SSAE 16 (SOC 1 ) Audit?

    If your Company (the Service Organization ) performs outsourced services that affect the financial statements of another Company (the User Organization ), you will more than likely be asked to provide an SSAE16 Type II Report, especially if the User Organization is publicly traded.
    Some example industries include:

    • Payroll Processing
    • Loan Servicing
    • Data Center /Co-Location/Network Monitoring Services
    • Software as a Service (SaaS )
    • Medical Claims Processors

    What you Need to Know:

    Before starting the SSAE 16 process, there are a number of considerations one must take into account that can save considerable time, effort, and money in the long run. Use the following items as a mini checklist for yourself:

    • Does my Company need an SSAE16, or, are we doing it just because someone asked?
    • Reports on the low end can run at least $15,000 a year, will the business lost be less of a burden than the cost of the report itself?
    • Does your company have defined Business Process and IT controls in place, or, will you need assistance developing and implementing them (readiness assessment)?
    • Have you determined the controls in place which affect the outsourced services being provided?
    • Have key stakeholders been defined and included in discussions?

    There are many other issues to consider before engaging a CPA firm to help with your SSAE 16, for a more detailed checklist please see The SSAE 16 Checklist

    You may have heard SSAE-18 is on the horizon for reports issued as of May 1, 2017. There are some important updates discussed in here: SSAE-18 An Update to SSAE-16 .

    As the standard is formalized and the date approaches we will continue to provide more information to help you prepare for these changes.

    The Apache OFBiz – Project #open #source #erp,open #source #crm,open #source #e-commerce,open #source #ecommerce,open #source #scm,open #source #mrp,open #source #cmms,open #source #eam,web #services,workflow,ebusiness,e-business,ecommerce,e-commerce,automation,enterprise #software,open #source,entity #engine,service #engine,erp,crm,party,accounting,facility,supply,chain,management,catalog,order,project,task,work #effort,financial,ledger,content #management,customer,inventory


    Apache OFBiz

    Apache OFBiz offers a great deal of functionality, including:

    • advanced e-commerce
    • catalog management
    • promotion pricing management
    • order management (sales purchase)
    • customer management (part of general party management)
    • warehouse management
    • fulfillment (auto stock moves, batched pick, pack ship)
    • accounting (invoice, payment billing accounts, fixed assets)
    • manufacturing management
    • general work effort management (events, tasks, projects, requests, etc)
    • content management (for product content, web sites, general content, blogging, forums, etc)
    • and much more all in an open source package!

    Apache OFBiz is an open source product for the automation of enterprise processes that includes framework components and business applications for ERP (Enterprise Resource Planning), CRM (Customer Relationship Management), E-Business / E-Commerce, SCM (Supply Chain Management), MRP (Manufacturing Resource Planning), MMS/EAM (Maintenance Management System/Enterprise Asset Management).

    Apache OFBiz provides a foundation and starting point for reliable, secure and scalable enterprise solutions. Use it out-of-the-box, customize it or use it as a framework to implement your most challenging business needs. With OFBiz, you can get started right away without the huge deployment and maintenance costs of traditional enterprise automation systems. As your business grows, you can extend the functionality to meet your more sophisticated needs.

    OFBiz stands for Open For Business.


    July 3, 2017 “Apache OFBiz 16.11.03” Released

    Apache OFBiz 16.11.03 is the third release of the 16.11 series, the latest and greatest OFBiz version that has been stabilized since November 2016. Please refer to the Release Notes for the details.
    The releases can be downloaded from the download page.

    May 22, 2017 “Apache OFBiz 16.11.02” Released

    Apache OFBiz 16.11.02 is the second release of the 16.11 series, the latest and greatest OFBiz version that has been stabilized since November 2016. Please refer to the Release Notes for the details.
    The releases can be downloaded from the download page.

    March 29, 2017 “Help Support The Apache Software Foundation!”

    The Apache Software Foundation announces 18 years of Open Source Leadership.
    If you use or depend on Apache OFBiz or any other Apache software then please consider supporting us with a donation. Click on the image for more information.

    November 28, 2016 “Apache OFBiz 16.11.01” Released

    Apache OFBiz 16.11.01 is the first release of the 16.11 series, the latest and greatest OFBiz version that has been stabilized since November 2016. Please refer to the Release Notes for the details.
    The releases can be downloaded from the download page.

    Resources Tools

    Apache Software Foundation

    Copyright 2017 The Apache Software Foundation – Apache OFBiz, OFBiz, Apache, the Apache feather logo, the Apache OFBiz logo are either registered trademarks or trademarks of The Apache Software Foundation.

    Private Party Auto Loans Online #auto #paints

    #private party auto loans

    Private Party Auto Loans Online

    January 27, 2012

    Private party auto loans are easy to apply for and are often surprisingly affordable for many borrowers. In many cases, it is possible to apply for a loan online and have preliminary loan approval within a matter of hours, and final loan approval within 24 to 48 hours of applying.

    What Are Private Party Loans?

    Private party loans are usually auto purchase loans that are funded by lenders outside of a dealership loan finance company. Lenders for private party loans include banks, credit unions and other lending agencies and organizations. Loans may be for both used and new car purchases and include loans for cars being sold by both car dealerships – franchise and otherwise – and private individuals.

    Loan Requirements

    Usually private party loans are readily available for most people, even those with less-than-perfect credit. On average, lenders require a minimum credit score ranging between 620 and 700 and very often require income, employment and residency documentation to support application statements.

    In many cases, lenders are looking for applicants with at least one year of employment history and six months to a year of residency at their current address. Additionally, lenders require that any bankruptcies be at least two years in the past and that the applicant demonstrate good credit history since the bankruptcy. Additionally, lenders usually require that a copy of the bankruptcy discharge be submitted with a loan application.

    Loan Sources

    Private party loans can certainly be found with brick and mortar banks and credit unions. But by far, the most popular sources for this type of car purchase loan are Internet lenders. Many traditional banks and credit unions provide the option for borrowers to apply online through their corporate website for a private party loan and applicants are usually delighted to discover that preliminary approval is offered within minutes of applying for a loan. Bank of America, Wells Faro and Chase all offer auto purchase loan applications through their online corporate websites.

    Another online source for car loans is to find a loan broker that specializes in auto loans. There are many of these types of websites available. Many of them offer the advantage of collecting basic application information that is transmitted to multiple lenders who then contact the applicant regarding potential auto purchase loans. For individuals who want to have several different options for comparison, this can be an excellent way to shop with a minimum of effort. Once the information is submitted to the website, offers begin to come in via email within 24 to 48 hours. Preliminary offers usually include the loan term, interest rates and loan requirements. Some popular online sources include and

    If you are looking for an accommodating and popular way to apply for a private party auto loan, you can do so through the Internet. Many banks and credit unions offer Internet applications. Other online sources include auto lenders available through online loan brokers.

    Related Questions and Answers

    Is Getting an Online Auto Loan Approval within 24 Hours a Red Flag for a Scam?

    Getting an online auto loan approval within 24 hours is not necessarily a scam, but you will probably be dealing with a sub-prime loan company. In many cases, these types of online loans are with lenders that specialize in sub-prime loans. A sub-prime loan will have a higher interest rate and tighter terms. It is important to read all documentation in regards to the loan. Thoroughly check out any company you are thinking about working with. When looking for a car loan it is a good idea to start with your bank or other major financial institutions. Loans from banks and credit unions will normally carry the best rates and are considered the safest types of loans. If you are buying the car from a dealer, they should be able to facilitate your loan as well.

    Are Private Car Loans the Easiest to Get When You Have Bad Credit?

    Private car loans are usually not any easier to get with bad credit than dealership loans. Both private lenders and dealerships are set up to deal with customers that have less than stellar credit. If you have bad credit, you will be paying a higher interest rate regardless of where you get the loan. In many cases it can be a bit easier to deal with a private lender. Banks and credit unions often have entire departments that are devoted to lending to credit challenged customers. The most important thing to do is shop around. Get as many loan quotes as possible. Compare the rates as well as the terms of the loan and decide which is the best for your situation.

    Private Party Auto Loans With Bad Credit #discount #auto #part

    #private party auto loans

    Private Party Auto Loans With Bad Credit

    April 12, 2013

    Private party auto loans are one option for auto purchase financing. Private party loans often require thorough documentation, but may be a more available and reasonable option for individuals with less-than-perfect credit history.

    CarsDirect Financing

    CarsDirect helps more credit-challenged customers find car loans than any other website in the country. The company works with a network of dealers who specialize in car loan financing. The dealer has access to a number of financial institutions and will shop around to find you the best deal. Just fill out a simple application and you will be on your way to receiving a car loan.

    What Is a Private Party Car Loan?

    A private party auto loan is a used car loan that allows you to finance a vehicle through a private party or individual in place of a dealership. There are many advantages to opting for a private party loan, and depending on your circumstances it could save you a lot of money.

    Private Party Auto Loan Advantages

    Going with a private party car loan opens up several options to you as a consumer. There are a number of banks, credit unions and financial institutions with varying car loan rates all competing to service you. The Internet is a great resource to compare rates from different companies, and there are online brokers that will connect you directly with an auto loan lender to give you a quote within minutes.

    If you have bad credit then a private party loan is probably your best bet. Because you can pick which loans to apply for, you can choose only loans that are accepting of people with a bad credit rating. It’s important to realize that getting turned down on a loan can actually lower your credit score. You will also be able to find private party loans that do not require a down-payment, however if possible it’s recommended to pay at least a little up front to lower your monthly bill. Private party loans typically have shorter payback periods resulting in higher interest rates. However, don’t be put off by this because you can actually end up paying more on a loan with a longer payback period even if it has a lower interest rate. Also, with a shorter payback period It is more likely that your car will still be worth something when you are done paying off your loan.

    Private party auto loans can also give you an advantage when negotiating with the person selling the car. Used car salesmen working at dealerships are trying to sell several cars to multiple people on a daily basis. This means that their knowledge of a car in question can only run so deep. With a private party loan you are typically dealing with the previous owner of the car so you should be able to get better information about the vehicle’s history and any problems you should be aware of before you buy it. Another advantage in the negotiation process with private party loans is that you have to be approved before you make an offer for a car, and therefore you already know your spending limit. This allows you to take a hard stand with people when negotiating the price you can afford to pay, whereas a dealer may try to persuade you to borrow more through their financial services.

    Private Party Auto Loan Disadvantages

    There are several disadvantages to this kind of car purchase loan.

    Loan Term

    One of the disadvantages of private party loans is the length of the loan term. For auto purchase loans, the loan term length can be as long as six years. However, private party loans often are for a substantially shorter length of time. Usually, the a private party loan is offered for a maximum of four years or 48 months and very often private party loans are only offered for 36 months. For a borrower who is looking for a much longer period to finance the purchase of their car – and lower their monthly payments as a result – a private party loan can have serious disadvantages.

    The ultimate result of a shorter loan term is that you are paying the same principal for the purchase of the car, but you are paying a higher amount of interest. This results in higher monthly payments, overall when compared to auto loans that are financed through a dealership finance company.

    Interest Rates

    Another disadvantage of private party loans are the standard interest rates charged for these kinds of auto purchases. Typically, car loans obtained from the dealership may have largely reduced interest rates and may even be offered at zero interest if certain restrictions and requirements are met at the time of purchase. However, it is also possible to comparison shop for favorable interest rates if a borrower is able to dedicate enough time to this task.

    Dealer Incentives

    One of the features that many dealerships have been advertising of late are dealer incentives that provide for purchase security should a borrower lose their job or income. However, in order to take advantage of these incentives, a borrower must make their purchase finance arrangements through the dealer financing company. By using private party loans, borrowers eliminate their ability to take advantage of these incentives, which could be significant if they find themselves without a job and unable to meet their financial obligations as a result.

    Negotiating Disadvantage

    The entire process of purchasing a car usually involves a great degree of negotiation, including not just the purchase price, but also the interest rate and the monthly payments. In most cases private party loans require pre-approval before the actual purchase of a car. This greatly reduces the ability of a borrower to negotiate since they are already locked into their loan obligation when they walk into the dealership.

    This can also be somewhat of a disadvantage even if purchasing a car from a private party, since pre-approval is usually needed before even approaching a seller. Here again, borrowers may find themselves locked into a loan that is larger than their actual needs and regret it every time they make their monthly payment.

    While private party auto loans can be an attractive option in dealing with a finance department of a dealership, they offer specific and significant disadvantages when it comes to the length of the loan, interest rates and ability to negotiate those rates and monthly payments.

    How to Research Private Party Auto Loans

    If you are car shopping and looking to purchase a used car from someone other than a car dealer, you will probably need to research some private party car loans. Use the following steps when conducting your research.

    1. Find lenders. Since the only difference between a private party auto loan and a traditional car loan is the fact that no dealer is involved, regular lenders will likely be able to supply you with a loan. The only lenders which are now out of the picture are captive finance companies, meaning that banks are still viable loan sources. Other options when looking for a private party loan are local credit unions. You may find them online or in a phonebook.
    2. Submit loan applications. The lenders you find will be able to guide you through the loan approval process. You should be 18 years of age or older; have proof of income of at least $1,800 a month; have proof of residence; not be bankrupt; and have a social security number. More may be required by certain lenders and they will tell you if this is so.
    3. Compare approvals. After submitting applications and getting approvals, you may compare them to find the best deals. Details to compare are loan rates, additional fees and any special options which you feel will be beneficial.
    4. See what kind of interest rates you can get

    Researching private party auto loans can help you purchase a used car and save money on the loan for the best deal possible.

    Buying From a Private Party #auto #shipping #rates

    #private car sales

    Buying From a Private Party

    Car Buying, Selling Tips and Advice

    There are a wealth of good-quality, affordable used cars on the market today and many of them are sold by private parties consumers looking to sell their vehicles directly to other consumers. With some time and energy and a little bit of research, you can potentially net yourself a great used car deal while getting a reliable, economical and nearly new vehicle in the process.

    If you re in the market to purchase a pre-owned vehicle from a private party, the information contained in this section is designed to help eliminate some of the uncertainties associated with the used car shopping process.

    Once you ve found a prospective used car contender one that looks and sounds good in the ad and one you could definitely envision yourself owning and driving, now its time to figure out if the sellers asking price is fair.

    The range of values listed on the vehicle value report is directly related to the year of the car you re interested in purchasing. Late model used vehicles are provided with two values average trade-in and average retail. Older used cars are provided with three values low, average and high retail.

    When you re buying a used car from a dealer, you should research the vehicles retail value. This is the typical asking price of a vehicle sold on a dealer lot or the price a private party usually asks for the car on the open market.

    Following is a complete description of what each valuation criteria means taken directly from the used car-pricing report.

    Low Retail Value: A low retail vehicle may have extensively visible wear and tear. The body may have dents and other blemishes. The buyer can expect to invest in bodywork and/or mechanical work. It is likely that the seats and carpets will have visible wear. The vehicle should be able to pass local inspection standards and be in safe running condition. Low retail vehicles usually are not found on dealer lots.

    Average Retail: An average retail vehicle should be clean and without glaring defects. Tires and glass should be in good condition. The paint should match and have a good finish. The interior should have wear in relation to the age of the vehicle. Carpet and seat upholstery should be clean, and all power options should work. The mileage should be within the acceptable range for the model year. An Average Retail vehicle on a dealer lot may include a limited warranty or guarantee, and possibly a current safety and/or emission inspection (where applicable).

    Note: Vehicles with low mileage that are in exceptionally good condition and/or include a manufacturer certification can be worth a significantly higher value than the Average Retail price shown.

    The next step is to determine the marketability of that vehicle in essence, what other people are currently paying for similar cars with similar features in your local marketplace.

    It s important for you to know how significantly a vehicles marketability affects its value. Think about it a sleek sports car with low-profile racing tires is probably worth less money in a snowy climate like Minnesota than in a sunny climate like California. Further, certain vehicles are more desirable than others, depending on the city, county or state in which you live. Maybe a majority of local buyers prefer trucks and SUVs to cars maybe more prefer four-wheel- or front wheel drive to rear-wheel drive and perhaps even more want a car thats been modified, with aftermarket rims and a wheel drive to rear-wheel drive and perhaps even more want a car thats been modified, with aftermarket rims and a tricked-out sound system. At the end of the day, the market in which you live, the desirability of the vehicle you own and buyers mindsets ultimately determine a vehicles monetary value.

    In order to determine the marketability of the car you want to buy, you need to do a little homework. A great place to start is with resources like Here, you can research prices of similar make, model and year vehicles, in the same (or similar) condition as the car you re interested in purchasing, and with comparable mileage. Additionally, you can research the marketability of similar vehicles in your local market area a good indication of local car-buyer mentality.

    Whats more, you can review local newspaper classifieds, community bulletin boards and local flyers and circulars that usually run car ads on a regular basis. By combining the book value for your car with your local market research, you are finally getting closer to a realistic market value for your own used car.

    Finally, don t forget to assess the specific features about the vehicle that, in essence, make it more desirable to potential buyers like yourself hence, potentially increasing its overall value. Is the car a hot-selling item? Does it have a sunroof, a comprehensive sound system, shiny aftermarket rims, leather seats, customized upholstery or any other unique characteristics that you would find appealing and would ultimately be willing to pay more for? has written several articles regarding add-ons and their potential to increase a vehicles value, including Do Add-ons add Value? published by various newspapers around the country.

    Remember that while certain aftermarket accessories and vehicle customizations can certainly increase a cars value, they might also deter certain prospective buyers, ultimately decreasing its value in the process. Its up to you to determine what youd be willing to pay for the added features the vehicle possesses and assess a value accordingly.

    Before you enter into the used car buying process, you need to determine what you can afford to spend.

    If you plan to finance the car, you need to calculate what you can afford on a monthly basis (in the form of a monthly car payment) after taking into consideration all other personal monthly expenditures (i.e. mortgage, rent, utilities, etc.).

    Once you ve determined your monthly car payment allowance, now its time to figure out how much cash you can expend in the form of a down payment. Again, this will depend on your current financial status.

    Finally, you need to determine an affordable used car purchase price. If you ve already calculated what you can spend for a monthly car payment as well as any down payments applicable towards the purchase of the car, you ve basically already determined what purchase price you can afford.

    If you plan on financing the vehicle, be sure to make loan arrangements ahead of time this way, you ll know what loan amount and terms you qualify for. Additionally, it will demonstrate to the seller you re a qualified, serious buyer.

    It s important to know ahead of time if the used car you re buying is covered under some type of warranty. In certain situations, the car may be covered under a manufacturers certification program. Other times, it may be covered by an independent extended warranty of some kind.

    Warranty programs are important because they cover the cost of specific major repairs should something happen to the vehicle mechanically. Whats more, certified cars (ones that carry manufacturer warranties) go through a rigorous inspection process and are typically in better condition with less mileage than standard used cars that don t carry a manufacturer-backed guarantee.

    Vehicles covered under a manufacturers warranty (referred to as CPO, or certified pre-owned cars) typically cost more than standard used cars. In some situations, a CPO car may cost as little as $400 higher to as much as $2,800 higher depending on the make and model.

    The seller may have already factored the cost of the warranty into the cars asking price. Additionally, the certification information may have been provided in the sellers initial used car advertisement. If you re unsure whether a guarantee exists for the vehicle you wish to buy, be sure to ask the seller ahead of time. It could very well impact the value of the car as well as the sellers willingness to negotiate price.

    For more information about manufacturer-backed warranties, check out our CPO Center, an information hub designed to teach you almost everything you d ever want to know about certified pre-owned cars, including warranty programs, the CPO inspection process, as well as an overview of various certified pre-owned programs available to consumers.