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Can I get a car loan for a used Ford F-150 I'm buying from a private seller?
I found a great deal on a Ford F-150 from a private seller, but I don't have the cash to pay for it outright. Can I get a car loan for it?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you can definitely get a
car loan
to buy a vehicle from a private seller, and the process is pretty similar to getting a loan for a dealership. You’ll need a steady income and good credit to finance the vehicle.The major difference is that your interest rate might be far higher than if you bought from a dealership. Dealers guarantee the condition of their used vehicles, while private sellers might not have been so vigilant in their maintenance and upkeep.
You may also face some risks in buying a car from a private seller because there are no guarantees. Therefore, you should always:
- Get a Carfax report
- Ask for maintenance records
- Test drive the car
- Take it to a mechanic
If the car passes all the tests, shop around for rates. Keep in mind that you will also need full coverage car insurance to get the loan. To save money on your car insurance, download the
Jerry
app and compare car insurance rates from dozens of providers to get the best rate possible.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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