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What Are Private Party Car Loans And How Can You Get Them?
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Posted On :
Dec-20-2010
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Article Word Count :
431
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Private party car loans are fir those who don’t have enough money to purchase their car on their own. These loans don’t have strict rules and they don’t require any credit check or any kind of financial document, but they come with higher interest rates.
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All people don’t have the chance to purchase their own car without any loans but they don’t have to worry because private party car loans option is open for them. In this loan, one can finance his car with the help of his relatives, friends and other co-workers. But there are stringent rules to be followed for such type of loan. The main thing is the interest rate and the tenure of payment this both should be cleared. One should also consider any kind of tax implication if it exists and it should be considered.
The processing of this type of personal auto loans usually takes two weeks. In this person to person loan, one doesn’t have to pay any kind of down payment and this is the main advantage of this loan. If a buyer pays upfront then he can easily reduce the amount of interest rate attached to it.
One can easily get guaranteed car finance with this type of personal auto loans and there is even no risk involved for the buyer, the loan is safe. The main difference between any private party auto loans and dealership car loan is that the interest rates are very higher and the loan term is very short. The private sellers don’t prefer credit check and they don’t even ask for any kind of financial documents like salary slip, income proof or credit proof. They lend the money without much checking thus they charge a little higher interest rate than the dealership loans.
The auto finance companies offering traditional loans charge lesser interest rates but they ask for a lot of documents and they even lend money after a credit check. To get private party car loans one has to just fulfill some requirements. A person should be the age of 18 years or above and should be able to pay the loan. One can also check online for more information on these types of loans. The online process is even simpler and it takes only few minutes to complete the application.
If a person has finally decided that he wants to take a private party car loan than he should check the condition of the car. The car should always be good in condition because if a bad car comes in hand than the maintenance cost can increase. Few sellers want to earn profit and thus they try to provide bad cars which are not good in condition. Thus one should first check the car properly and then should finalize the private party car loan deal.
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Article Source :
http://www.articleseen.com/Article_What Are Private Party Car Loans And How Can You Get Them?_45340.aspx
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Author Resource :
Shelin Michel works in a car loan companies; she believes that private party car loans are much better than the traditional auto loans. Those people who have low credit can also get this loan without much effort.
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Keywords :
private party car loan, person to person auto loans, private party auto financing, person to person car financing, guaranteed,
Category :
Finance
:
Loans
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