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Can I buy a Honda from a private seller that still has a loan on it?
"I want to buy a Honda Insight from a private seller, but he still owes the bank money for it. Can I still purchase this car? How do I do it?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The first step is to get pre-approved for a loan. Tell the lender about the Insight that you’re eyeing, and they should give you a certain limit that they’ll finance you for.
Next, you’re going to have to go to the seller’s bank. Here you should confirm:
- If the seller actually owns the car
- The payoff amount, and if the seller owes less than what you’ll be paying for the car (so they can meet the loan obligation)
- If the seller has missed any payments
Most of the time, the other person’s bank will walk you through this, especially if you meet with the seller at the bank.
Get the vehicle professionally inspected as well, as the risk is on you for this purchase.”
View full answer
- Gregory R.
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