What Is a Private-Party Auto Loan?
Share this article:
Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
Private-Party Auto Loan Defined
Where Do You Find an Auto Loan To Finance a Private Car Sale?
Lightstream PNC Bank First Credit Union USAA Bank
Factors That May Affect the Interest Rate of a Private Auto Loan
Your credit score Other financial information, such as your income and employment history The age of the vehicle The mileage of the vehicle The length of the term
Rates & Terms
How Do You Qualify for a Private-Party Auto Loan?
How Do You Apply for Private-Party Auto Loans?
Your name Date of birth Address Social Security number
Make Model Year Mileage Vehicle identification number (VIN)
The bill of sale detailing the terms of the purchase agreement A copy of the vehicle’s title and registration Written payoff quote from the seller’s lender, if the car is still under lien on their side
Should You Use a Private-Party Auto Loan to Refinance Your Car?
The Takeaway
About the Author
Jamie Cattanach is a full-time freelance writer whose work has been featured at CNBC, Yahoo Finance, The Motley Fool, the Huffington Post and other outlets. At SoFi, she writes about investing, retirement, student loans and how to get your money right -- no matter what that means for you.
Share this article: