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How does a car loan work when I'm buying from a private seller via Craigslist?
I found an awesome deal on a used car listed for sale on Craigslist, and I’ve got pre-approval from my credit union for financing. How do I proceed from here? Do I simply give the credit union the VIN so they can give me cash to buy the car, or will they give me a check?
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
No credit union, bank, or other lender will give you cash under a car loan to purchase a car privately. If that is what you are trying to do, you will need to get a personal loan.
If you insist on buying the car with a car loan, you will need to give the lender the seller’s name and address and the lender will send the seller a check.
No matter what kind of loan you get know that you will need to get
car insurance
before you buy your car. You can get the coverage you need fast with the Jerry
app. Jerry will compare 50+ top insurers in less than a minute so you can get the coverage you want for the best deal. View full answer
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