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If you plan to buy a car from a private seller and you need financing, we have good news for you. Here at Loans Unlimited, we have lenders that can give finance for private sale vehicles.

Used cars from private sellers are much cheaper than new ones, obviously. But the truth is you will still spend over $10,000 for a car that’s modern and reliable. Borrowers are advised to be a little patient when applying for private sale finance. Unlike with regular car loans that allow purchases through a car dealership, a private sale loan can take longer to gain approval due to the extra compliance checks.

The short answer is yes. It is a legal requirement to have a car comprehensively insured when it’s under finance. By getting comprehensive insurance, you get the coverage you might need in case you damage the vehicle. Accidents can happen anytime, and if you don’t have the cash to cover the cost of fixing or buying a replacement, this insurance will help.
Comprehensive insurance covers damage from a collision, whether it is minimal or beyond repair. It also gives you peace of mind if the car gets stolen or vandalised, as well as damage due to fire, flood, and other natural events.

All car loans offered are fixed-rate. This means that the interest rate will not change over the life of the loan. It is often more beneficial than a variable rate loan. Since the interest will remain the same until you pay off the entire loan, you know the exact amount you owe. Meanwhile, a variable interest rate loan may go up or down in interest, depending on the prime or index rate. The longer the term, the riskier it gets for the borrower.

Fixed-rate interest financing is excellent if you want consistency. With rates having the highest tendency to increase these days, a fixed-rate loan is more fitting for borrowers.

We make applications so much easier for you. Get pre-approved quickly by filling out the form on the website. There is no need to provide any documents at this point. After you have been conditionally approved, you will receive an email from us where we request more information and documents to verify the information you sent, including your name and address.

Once we have matched you with a few lenders, we will request more details and documentation, such as financial statements, payslips, and a copy of the contract for the sale of the vehicle.

The most significant advantage with Loans Unlimited is that you gain access to different lenders – not just one or two. You are not limited to the big banks and lending groups. When you opt for these firms, they will give you standard options and nothing more. In comparison, we work with several lenders that will not only grant you with attractive rates but a loan that truly meets your requirements.

The most important thing to know about us is that we work for you and not for a specific lender or car dealership. Our goal is to help you choose the financing that suits your circumstances so that you can buy the car you want as stress-free as possible.

Some fees may be involved once you get approved of car financing. They include, but are not limited to, the following:

• Application fee
• Origination fee
• Financiers Security Registration fee

If you plan to purchase a vehicle from a private seller and you want to get financing, you may also be subject to extra costs. These additional payments are typically in existence to cover the inspection and taking photos of the vehicle. The exact amount that you will have to pay can depend on a variety of factors, including the area where the inspection report will take place. Some of our lenders also charge establishment fees.