Getting a loan to buy a car from a friend, relative or other private seller works a little differently than getting a loan to buy a car from a dealership. Private sale financing offers key advantages if you\u2019re considering the purchase of an older used car, or a vehicle with higher mileage. Many traditional car loan lenders have restrictions on the age and condition of eligible used cars; however, private sale financing usually comes with fewer restrictions on what you can buy \u2014 allowing you to select older models and vehicles with higher mileage.<\/p>
Read this guide to learn more about how to finance a used car using a car loan for a private sale and to make sure you get the best deal.<\/p>
Car loans for a private sale have these features:<\/p>
Another way to finance a used car from a private sale is to get a personal loan. Lenders generally don\u2019t have restrictions on how you can use your personal loan.<\/p>