How to Buy a Car from a Private Seller

These days many people prefer buying a car from a private seller instead of going to a dealer. The biggest advantage of this practice is that you can buy a car for cheaper price. You do not have to pay for administrative charges, maintenance cost, paperwork, and few other charges, if you buy the car from a dealer. Apart from this, people with bad credit face difficulty in getting a car loan from banks, but with the private seller they can bargain, negotiate and close a profitable deal. Apart from this, people who like imported cars or customized cars also prefer to approach private sellers to avoid the lengthy legal processes and to save some money. If you too wish to buy a car from private party then this article tells you how.

Steps to Buy a Car from a Private Seller

Step 1
The first step of car buying process is to contact private sellers who are interested in selling their cars. And ask them about the car, its make, model, years, current condition and the estimate etc.

Step 2
Now zero down on two to three cars you are really interested in and that suit your budget and requirements. Call the owners and take an appointment.

Step 3
Inspect the car thoroughly and get to know the complete history of the car, such as previous owners, if the car was involved in any accident, transmission papers, car insurance and other legal document, etc. You may consult your lawyer to crosscheck the authenticity of the legal documents.

Step 4
Do not be fooled by the physical appearance of the car. Ask the owner for a test drive. It is advisable to hire a mechanic for detailed inspection of the engine, and other essential car parts.

Step 5
Once you are sure that the car is in good condition, and is worth buying, then you have to start negotiating with the owner. Start with a low, yet practical offer and settle for a price that your pocket can bear. But if the owner demands too much then it is better to walk off, which is probably the best negotiating tool.

Step 6
Once the negotiations are over and the deal is closed, make sure you complete all legal paperwork. You also have to think about the payment options:

Buying With a Loan: Remember that paying in installments will increase the overall price of the car. But if the loan suits your financial planning and arrangements, then go for it. But take a loan from a bank that charges minimum interest rate on the loan. Many banks charge less interest on used cars. Check for the amount and time period of the loan, before you sign the final document. You have to keep these things in mind if you are planning to buy a new or used car when it comes to car loans.

Buying With Cash: If you are planning to buy a car with cash then you have a chance to save a lot of money. But do not pay the cash until you complete all the legal formalities. You can carry a check, or hard cash, along with your lawyer to the decided venue. Go through all the documents carefully before signing them and before paying the cash. If you are wondering how to buy a car with bad credit, then paying a private seller in cash is an ideal option for you. Otherwise many banks offer auto loans for bad credit that you may go for.

Step 7
You may ask the private seller to get the car serviced, before taking its charge. You should also ask for essential car accessories, a manual, a tool kit, servicing and maintenance papers etc. You may change the car interiors once the car is yours and start flaunting your brand new car!!!

The above steps will ensure that you close the deal safely and purchase a car with great performance. I hope these insights into buying a car from a private seller were resourceful for you!