Looking to finance a car without the usual dealership jazz? Private car loans are the sneaky little elves of the finance world, offering loans for vehicles sold between private parties rather than dealerships. Typically, these loans can have interest rates ranging anywhere from 6% to a whopping 15% or more, depending on your credit score and the lender's mood. New car loans usually offer better rates and terms, but private car loans fill the gap when you're buying from Joe down the street.
Used car prices vary, but private loans often come with stricter requirements and shorter terms. For a decent deal, check out lenders specialising in private sales or peer-to-peer lending platforms. Also, browsing Tradingpost or CarShowroom might give you an idea of vehicle prices to ensure your loan amount makes sense. Always read the fine print or your wallet might end up crying.
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