Did you know that Extra Credit Union can set you up with a low-interest car loan, even when you’re buying from a private seller?

Buying from a private seller instead of a dealer can help you get the best price on a used vehicle. You’ll need to do some extra research to ensure you’re getting a good deal, but it can pay off in the long run.

Figure out how much money you can spend each month on a car payment. Then, stop in and see one of our knowledgeable Member Relationship Specialists. We can help you identify how much you can afford to spend to help you stick with your budgeted monthly payment. We’ll take into account current financing rates, your credit score, car value, and other factors before determining how much you qualify for. This process is called preapproval. It helps you when you negotiate a sales price with the seller—you’re a cash buyer.

Next, peruse online classifieds until you find a vehicle you like. Arrange to meet the seller in a public place—and take someone with you for safety reasons. If you like how the car drives and looks, interview the seller about the vehicle’s history. Finally, get a car-history report, which is free for Extra Credit Union members, and have a reputable mechanic take a look at it before you make a final purchase decision. One of the biggest benefits of buying from a private seller is the opportunity to negotiate price, so be fair, but don’t be timid.

Once you’ve settled on a price, put the terms in writing. You also will need to figure out payment terms. If you’re getting an auto loan from Extra Credit Union, we can write a check to the seller, or you can arrange to meet the seller at the credit union to finalize the deal.

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