If you have ever purchased a used car from an individual in Idaho Falls, then you may be familiar with private party auto loans. Private party auto loans are loans made by banks, or lenders, which allow you to purchase a used car from an individual. Usually, applying for a private party auto loan is no different.
Used Car Auto Loans
One of the quickest and easiest ways is to apply for private party auto loan is to do so online. There are many websites that give you the ability to apply for any type of auto loan. This portion of the process takes about 24 hours.
Once the requirements clear, arrangements will be made to receive the check. A check can take up to 5 days to arrive, but most banks will offer it to you within a day or two.
Getting the Best Rates
If you have excellent credit, then the bank will be able to return offers with favorable rates. On the other hand, if you have less than perfect credit, the rates will subsequently be higher.
Once the bank has received your application, they can check your credit and have a firm decision within the hour – sometimes even less. On approval, the bank will contact you and verify your address information so they can expedite the mailing of your check to you. Typically, they will use an expedited service like FedEx or Express mail. By doing this, they help ensure that the seller doesn’t decide to sell the vehicle to someone else. If you make the seller wait too long, they might get impatient and sell the car to someone else.
The key to securing a loan for your used car is to apply everywhere! Do not limit yourself, but be sure to give us a call at Automatic Car Credit of Idaho Falls.