If you are thinking of buying your next vehicle from any private seller, then considering the private party car loan will be the best thing to consider. This is a vehicle financing program type that offers people the freedom of purchasing vehicles from any known person.
But before taking any decision financially, it is important to learn about your financial condition. The majority of the private party lenders need the loan borrower to earn minimum a few thousand dollars every month to ensure that the loan borrower make regular payment without bankruptcy and without any risk. This shows the importance of affordability of the loan borrowers to the lenders. Therefore, it becomes highly necessary for every loan borrower to calculate the regular expenses and income sources before applying for the private party vehicle loan.
Though every lender has some different criteria for approving private party car loans for bad credit, but still there are some common set of requirements to get this type of loan approval. These include:
- The loan borrower must have a valid SSN number
- He/she must be living in the present home for more than 6 months as well as have lived in the past residence for more than six months
- The loan borrower must be employed in the present job for more than six months as well as must have employed in the past job for minimum six months.
The next requirement of getting pre approval for car finance with private party is to find out the perfect vehicle. Don’t lose hope as there are actually a number of ways to find private party sellers with good vehicles. Just look around. Besides, you can also take the help of the web to find used car with non dealer option.
After finding the vehicle, evaluate it by considering the factors like:
- The age of the vehicle, which must not be more than 6 years
- The odometer statement, which must not show more than 80,000 miles
To get more information on pre approved car loan with bad credit, you can consider paying a visit to carloanapproval.ca