seller finance

Seller finance, also known as owner financing, is when the seller of a vehicle essentially becomes the lender to the buyer. Instead of a traditional bank loan, you make payments directly to the seller over an agreed period. It's a nifty option if your credit's about as solid as a wet paper bag or if you want to skip the usual finance approval circus.

Pros include potentially quicker approvals and more flexible terms, but beware: interest rates can be higher and there’s a risk if the seller isn’t reputable. Typical terms might include a deposit and monthly payments over 1-5 years. Always get everything in writing and consider having a lawyer glance over the contract.

For listings offering seller finance, check out Tradingpost or CarShowroom in Australia—they sometimes feature these deals.