Found a great deal on a car through Marketplace or Gumtree? Good news: you can get a car loan for it.
Plenty of buyers in WA choose the private sale route and our 40+ lenders are more than willing to help them chart course.
It’s important to understand that private sale car loans do come with a few more moving parts, so here’s what you need to know.
You sure can.
At Loans Unlimited we’ve helped hundreds of Western Australians buy cars from private sellers using tailored loans from one of our 40+ lenders.
That said, the process is a little different and there are a few extra checks involved to protect you from buying a vehicle with a dodgy past.
When you finance a car through a dealership, a lot of the legwork is done for you. With private sales, you and your lender need to do a bit more homework. From ownership checks to valuations, you’ll need to consider:
We’ll want to know:
Is there any finance owing on it?
Is it listed as stolen or written off?
Is the price fair based on market value?
Our crew can help you find this information – you don’t need to be a detective.
You’ll need to provide:
The seller’s ID and proof of ownership
A copy of the registration papers
A signed sale agreement with the purchase price
Yes, but it has to be treated like any other private sale. That means your friend or family member must provide all of the standard paperwork listed above. The lender will still check the car’s value and make sure everything stacks up. It doesn’t matter who the seller is, the process stays the same.
Most roadworthy vehicles are fine, but there are a few things the lender will usually require:
The car to be under a certain age (e.g. <15 years old depending on the lender)
Less than a set number of kilometres
No major damage or modifications
Registered in Australia with clear title
Because we have access to our galaxy of 40+ lenders, Loans Unlimited can match you with a lender satisfied with the vehicle you’ve found.
Once your loan is approved, the funds are sent directly to the seller and you can arrange a time to collect the vehicle. You then take on the repayments just like any standard car loan.
Before you apply for financing for a private car sale, make sure you’ve got:
The vehicle rego papers
A copy of the seller’s ID
The agreed sale price
The car’s VIN (Vehicle Identification Number)
Your own proof of income and ID
It’s also a good idea to check with Personal Property Securities Register to make sure there’s no finance owing. If you’d prefer, our crew can do this for you.
Buying a car privately can save you money, widen your options and help you escape the gravity of the purchasing process. But it’s important to carry out the proper checks and work with a lender who knows how private sales work.
At Loans Unlimited, we are partnered with over 40 lenders who help us find the right loan for you. We’ll help you lift-off toward your financial goals the same way we’d want it done: fast, honest and drama-free.
For more information about car and auto finance, online or in Perth, fill out our contact form and a member of our team will contact your shortly.
Loans Unlimited are Perth and Western Australia’s premier loan and finance brokers. We have helped thousands move towards their financial goals by offering lower rates and faster approvals when it matters. Financial services are provided by Total Biz Pty Ltd T/A Loans Unlimited ABN 78 624 937 882 ACL 506875.
* The comparison rate shown is for a secured loan amount of $30,000 over a term of 5 years based on monthly repayments. Warning: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Any calculations or estimations do not constitute an offer of credit or a formal credit quote and is only a calculation of what you may be able to achieve based on the information you have entered. It does not take into account suitable product features or loan product types. Rates + repayments shown are based on user inputted data. All applications for credit must be verified prior to the formal assessment process. All applications for credit approval are subject to lender credit approval. Approval is not guaranteed.
