Private Party Auto Finance the Same as Person to Person Used Car Loan

There could be moments when borrowers simply do not have enough cash to make a down payment. That’s where private party auto finance plays a significant role. These types of car finances enable such individuals to purchase a car of their dream even if they have scarce financial resources to pay a cash advance. Classically, in order to avail private party auto loans, it’s important to find a used car for sale by owner who desires to go for a new vehicle by selling of the old used car. Once a potential car buyer chooses a vehicle he can always ask for the selling price of the used car and its specifications and the process could be followed by price negotiation. There are many advantages which accrue from such person to person used auto loan sales.

Benefits offered by person to person used auto loans:

1. You could get discount as there is no commission or brokerage in the pricing of the used car as there are no brokers or dealers involved.
2. A person to person used car loan sale enables you to get first hand information of various car performance aspects directly from the vehicle owner.   
3. Used cars cost significantly less, so you could get a vehicle at an affordable price besides obtaining easy to pay lower monthly payments.
4. Regular payment of monthly installments could help you to improve your credit scores as well. 

Process of application for private party auto loans: To apply online for private party car loans, prospective used car buyers need to fill up a simple form that requires some basic information which has to be provided by the applicants.  Buyers have to provide specific details of the vehicle to be purchased such as make and model, mileage, age of the car, its current condition and even the year of manufacture as well as data associated with the insurance policy or claims linked with the used car. To get lower private party auto loan rates and suitable car loan terms, borrowers are required to compare quotes offered by different auto finance lenders.

Eligibility criteria for availing private party auto financing:   To qualify for private party auto financing, the following norms are usually practiced by lenders: 1. The applicant should be of 18 years of age or above. 2. The individual should possess a valid social security number. 3. The minimum income of a private party auto finance applicant should be $418 per week or $21,736 annually. 4. The borrower should have lived for more than six months within the last two residences mentioned in the form. 5. The applicant should have worked for more than six months with the last two employers mentioned in the application form. 6. The borrower should not have filed for bankruptcy, nor be involved with any ongoing bankruptcy.  

Nowadays there are many professional online services who offer guaranteed car financing or bankruptcy auto loan solutions to borrowers irrespective of their credit histories. It is always desirable to get their help when you are considering applying for a used car loan. However, it is recommended to use the expertise of reputed service providers like LoansStore.com so that you could secure proper guidance and get a person to person used auto loan which is affordable as well as favorable to meet your financial needs.