Purchasing a car from a private seller? Let us simplify the process. Greenside Finance offers tailored financing solutions for private sales, ensuring you get competitive rates and flexible terms. We manage the entire process, making your private purchase as seamless as possible.
What is the process of getting a private sale loan?
Private sale loans offer more flexibility and potentially better deals, but they require extra care. Getting a loan for a car purchased through a private sale differs slightly from buying from a dealership. Here's how the process works:
Determine Your Budget Start by setting a budget that includes not just the price of the car, but also monthly payments, insurance, and ongoing costs. Keep in mind that private sales may offer better prices, but you’ll need to ensure the car is a good deal financially.
Check Your Credit Score We will evaluate your credit score to help ensure you qualify for a loan. Understanding your credit profile is crucial in securing favourable financing options.
Choose the right lender As a broker, we can help you find lenders who specialise in private sale car loans and compare rates to get the best deal.
Get Pre-Approved Getting pre-approved for a loan helps you understand how much you can borrow and gives you more negotiating power in the private sale. You’ll also know what your budget is, which helps when evaluating the vehicle’s price.
Complete the Sale Once the loan is finalised, you can complete the sale with the seller. The loan will typically be disbursed directly to the seller, and you’ll be able to take ownership of the vehicle.
What are the benefits of a private sale car loan?
Better Pricing Private sales often offer more competitive pricing compared to dealerships. Without dealership mark-ups, you may find a better deal on the car, allowing you to potentially save money or afford a higher-spec vehicle.
More Vehicle Options Private sales give you access to a wider range of vehicles, including older models or unique options that may not be available at dealerships. You have more flexibility in choosing a car that meets your exact preferences.
Potential for Negotiation With private sales, there’s often more room to negotiate the price. Without a middleman, you can work directly with the seller, potentially securing a better deal on the car.
Flexible Financing Many lenders offer loans for private sales, and as a broker, we can help you find the best financing options. You can still access competitive rates and flexible terms, just as you would with a dealership purchase.
What are other things to consider when getting a private sale car loan?
Vehicle Condition and History
Since private sales typically don’t come with warranties or guarantees, it’s crucial to thoroughly inspect the car’s condition. We can collect a PPSR and review the vehicle’s history, including past accidents, repairs, and whether there’s any outstanding finance on the car. Free of charge.
No Dealer Protections
Unlike dealership purchases, private sales don’t offer consumer protections like a return policy or legal recourse if something goes wrong. Be sure you’re confident in the vehicle's condition and the transaction before committing.
Extended Warranty
Speak to one of our brokers to discuss whether an extended warranty might be a worthwhile addition to your private vehicle purchase. The cost of an extended warranty can be added to your loan so there is no upfront cost to you.
Discover why the grass is greener with Greenside Finance.
Our finance specialists simplify the entire process, saving you time, money, and stress. From navigating lender requirements to negotiating and finalising the settlement, we offer a complete one-stop solution for all your financing needs.
We carefully select products from trusted lenders who meet our high standards for competitive pricing and quality service.
Low Credit Score?
We can help you secure affordable financing options, no matter your personal circumstances or credit history.
More Approvals
Our easy-to-follow process makes getting your loan approved fast and simple.
Best Rates
Our expert loan specialists work tirelessly to secure the lowest interest rates.
Secure Your Finance First
Get your loan approved with Greenside Finance before you start shopping. Our quick approval process simplifies your car buying, and our optional car locating service makes finding the right vehicle easier than ever. Enjoy a streamlined, efficient car buying experience with pre-approval and expert assistance.
How Do I Apply?
Applying with Greenside Finance is smooth and simple!
Submit Your Application: Use the "Get Started" button below
Get the Best Deal : We’ll search for the most competitive finance options tailored to your needs.
Get Approved: We’ll handle the approval process and coordinate the paperwork.
Can I get a loan for a car bought from a private seller?
Yes, you can get a loan for a car bought from a private seller, including purchases from platforms such as Gumtree and Facebook Marketplace.
Can I use a pre-approval for a private sale car?
Yes, obtaining pre-approval for a loan can help you understand your budget and strengthen your negotiating position with the seller.
What if the car has a loan or outstanding finance?
We will always run a PPSR check on the vehicle you are purchasing. This will allow us to determine if the vehicle has had any serious accident history or current finance owing before you complete the purchase.
What documents are required for financing a private sale car?
Typically, you’ll need a purchase agreement, proof of identity, proof of income, and details about the car (e.g., registration, VIN).
Are interest rates different for private sale cars compared to dealership purchases?
No, rates are generally determined by the age of the vehicle, credit score, and other personal factors. Where the vehicle was purchased does not affect the interest rate with most lenders.
Can I finance a private sale car if I have poor or bad credit?
It may be more challenging to secure financing with poor credit, but some lenders specialise in finding solutions for borrowers with lower credit scores.
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