Crash Course in getting Approval on Private Party Auto Loans

June 9, 2013 - PRLog -- Car enthusiasts keep buying new cars almost every year. This means if you buy a car from them, it won’t be very old. Plus, buying an automobile from an individual is better than a dealer because you get car information directly from the horse’s mouth.

If you are interested in buying your next car from a private seller, then you will need private party auto loans. https://www.rapidcarloans.net/private_party_car_loans.html - This car financing program gives freedom of buying a car from a person. Read this expansive article and get ready to own a used car in an instant.

Know your Money inside out

Before taking any financial decision, you must understand your financial situation. Most private party auto lenders require you to earn at least two thousand dollars every month. They even recommend no open bankruptcy. This is because they want you to make regular payments without any risk. This shows affordability is very important to lenders. So, it is essential to calculate your regular income sources and expenses. Do consider any additional income/expense in the coming months. It will help you to analyze your situation in a better way.

Opt for a car loan only when you are hundred percent sure of managing it.

Are you eligible for Private Party Auto Loans?

Although every lender has different car loan approval criteria, these are the most common set of requirements for getting approval on private party auto loans:

1. You must have a valid SSN.
2. Time at Residence – You must be living at your current home for more than six months. Also, you must have resided at your previous residence for at least six months.
3. Time at Job – You must be employed at your current job for at least six months. Minimum of six month criteria applies for your previous job as well.

Search for the Perfect Car

Now, this may take a while but you shouldn’t lose hope. Keep searching for the best automobile and rest only when you have found the treasure. There are many ways of finding a private seller. Ask your friend if he is interested in selling his car. Anyone from your office might be willing to sell his automobile. So, don’t forget to use that option as well. You can also use the web to search for used cars with non-dealer option.

Vehicle Requirements

When you see a car, don’t forget to evaluate it from the eyes of the lender. Here are few basic vehicle requirements for getting approval on private party auto loans:

1. The Odometer Statement should not show more than 80,000 miles.
2. The car should not be older than 6 years.
3. The minimum loan amount should be $7,500.

Searching for the Lender

Now, you just need to find the perfect lender who can offer you private party auto loans (http://www.rapidcarloans.net/private_party_car_loans.html). You can take help of the internet. Remember to check the reliability of lenders. Also, make sure that you consider the loan quotes on several aspects like interest rates, APR, payment schedule, penalties, fees, etc. Choose the auto loan program that fits your requirements.

And, that’s how you can get affordable private party auto loans for next your car purchase.