Private Sale Vehicle Purchases

Image of a brown vehicle's windshield with a sale sign on it. Under the photo it states

Recent challenges with inventory have made it difficult to find both new and used vehicles on the dealership lots.

Did you know that 802 Credit Union can set you up with a low-interest car loan, even when you’re buying from a private seller? Buying from a private seller instead of a dealer can help you get the best price on a used vehicle. You’ll need to do some extra research to ensure you’re getting a good deal, but it can pay off in the long run.

Figure out how much money you can spend each month on a car payment. Then, stop in at 802 Credit Union to speak with a member of our lending staff. We’ll be able help you identify how much you can afford to buy to stick with your budgeted monthly payment. We’ll consider current rates, your credit score, car value, and other factors before determining how much you qualify for. This process is called preapproval. It helps you when you, the buyer, negotiate a sales price with the seller.

Next, peruse online classifieds until you find a vehicle you like. Check out the local newspaper, and other online sale platforms (social media). Arrange to meet the seller in a public place—and take someone with you for safety reasons. If you like how the car drives and looks, ask the seller about the vehicle’s history. Finally, get a car-history report (we can do this for you here at the Credit Union.) and have a reputable mechanic take a look at it before you buy. One of the biggest benefits of buying from a private seller is the opportunity to negotiate price, so be fair but don’t be timid.

Once you’ve settled on a price, put the terms in writing. Then contact us here at 802 Credit Union, and we’ll run the numbers to make sure this deal will work for you. Your Loan Officer will be able to provide you with the next steps to finalizing the purchase, such as a copy of the vehicle title or a payoff letter from the current lien holder. We’re here to help you every step of the way!

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