Can I Get Car Finance For A Private Sale?

One of our most frequently asked questions at Oracle Finance is “Can I finance a car from a private seller?” And the answer is – yes, you can! Most people think that finance is only available when purchasing a vehicle from a dealership but not many people know many of the same options are available to you if you are buying a car from a private individual. In fact, there may be a number of advantages of a private sale that you also may not already know about.

Our team have vast experience in guiding customers through the process of financing a private sale purchase as well as offering a range of funding options including Personal Contract Purchase (PCP), Hire Purchase (HP) and Lease Purchase.

What Is A Private Car Sale?

A private car sale is where a customer is purchasing a car from an individual as opposed to from a franchise or independent dealer, or through an auction. This is likely ‘sold as seen’ and therefore the buyer wouldn’t usually have the right to return the car, neither would they benefit from a dealer warranty.

Financing A Private Car Sale

Many finance brokers do not offer finance for a private car sale due to the risks involved versus the guarantees in place when buying from a dealership. However, at Oracle Finance, we have over 18 years’ experience in funding vehicle purchases and our broad panel of lenders and expert team means we are able to help customers fund high value vehicles being purchased from outside of a traditional dealership or auction.

Image courtesy of Range Rover

Why Choose Oracle Finance To Fund A Private Car Purchase?

We understand why car buyers may be apprehensive when it comes to agreeing a private sale; there are so many unknowns – not to mention the burning question “how trustworthy is the seller?”. That’s where Oracle Finance can help:

• Peace Of Mind

Our vast experience of funding private car sales mean that we have put in place certain features and additional checks to ensure that the process of buying your next vehicle is as secure and trustworthy as it can be, taking away the stress and hassle from your side.

• Vehicle History

We will run a complete vehicle history check from HPI as part of our due diligence on the vehicle being purchased; this will include a check for outstanding finance on the car you’re buying. If we find there is finance outstanding, we will arrange to settle it off as part of the process if needs be.

• Service History

We can help you arrange a technical inspection of the vehicle you’re looking to purchase by recommending a reliable third-party to carry out an inspection on your behalf. The majority of modern cars also have their service history logged on the manufacturer online system, if the car you are looking to purchase has this function we can usually source the digital service history on your behalf to check how well the car has been maintained over its lifetime in accordance with the servicing schedule.

• Authenticity

We will request proof of ownership from the person selling the car; to ensure that they have legal title to the car they are selling.

If the seller is requesting a deposit to secure your purchase whilst you arrange funding, we can act as an intermediary to hold the deposit on behalf of both yourself and the seller – giving you both reassurance that your money is in safe hands while the sale is completed.

We will also provide you with an invoice as your proof of purchase for future records.

Why Buy A Car From A Private Seller?

There are pros and cons to buying a car from a private seller, here are a couple more things to think about if you’re considering purchasing a car from a private seller:

• You Could Benefit From An Extended Warranty

An extra bonus with a private purchase is that you could benefit from a transferrable warranty at no additional cost.

When purchasing a relatively new car, it may be that the manufacturer’s original or extended warranty can be transferred to you, but this is always worth checking as some manufacturers will only allow their extended warranty to be transferred to a new owner through a private sale. If you were to buy a car from a franchise dealership, you may need to buy a new warranty product in addition to the car itself.

• A Private Purchase Could Be Cheaper Than Buying From A Dealership

You will often find that cars for sale through private sellers tend to be less expensive than those for sale through a dealership. Why? Dealerships will have likely completed a pre-sale technical inspection of the car, perhaps replaced consumable parts such as tyres or brake discs and will certainly have fully valeted the car. All these costs need to be recovered through the sale price.

When buying a high value vehicle from a private seller, it’s likely that the car has been lovingly cared for by its current owner. So, whilst you may not have the dealership’s seal of approval, you may be able to pick up an excellent example of your dream car for less than you’d think; any reputable private seller will not object to you requesting to see the service history or to appointing a third party to complete a vehicle inspection.

When funding with Oracle Finance, you have the added benefits of access to our expert team who can provide a valuation on the vehicle you’re considering so you can be sure you’re getting the best deal. And not forgetting we can also help to arrange a trusted technical inspection and a HPI vehicle history check for complete peace of mind.

What Next?

Whether you have found the car you wish to buy from a private seller or not, speak to your dedicated Account Manager today by calling us on 0800 012 6666 or simply complete our online form. If you have found the right car they will be able to discuss your options and provide you with a custom finance package just for you and your circumstances. If you are yet to find the right car, they will be able to discuss your options or budget with you to ensure the make and model you are looking at are right for you and your price range. We can also use our knowledge of the car market and our connections to help source you just the car you are looking for with the right specification for what you need.

Why Choose Oracle?