Author Topic: Accept Loan for private auto sale?  (Read 2074 times)

gecko10x

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Accept Loan for private auto sale?
« on: March 21, 2014, 10:02:31 AM »
I'm in the process of trying to sell a vehicle, and I just got an email from someone attempting to obtain financing from somewhere.
What would the process be? Should I even entertain these types of customers, or would it save me grief to just say cash only? (Part of me thinks they'd never be approved anyway, because my car is only worth maybe $5k at best.)

Thanks for any info or tips you may have...

Prairie Stash

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Re: Accept Loan for private auto sale?
« Reply #1 on: March 21, 2014, 11:29:41 AM »
Cash only. They can feel free to get a loan (none of your business), hand you a certified cheque. With used cars I want to walk away and never hear from the person again.

Isn't LendingTree designed for these kind of loans?

gecko10x

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Re: Accept Loan for private auto sale?
« Reply #2 on: March 21, 2014, 11:36:10 AM »
They can feel free to get a loan (none of your business), hand you a certified cheque. With used cars I want to walk away and never hear from the person again.

Sorry if I was unclear; this is what I meant. They are obtaining financing from a third party, not me.

I was just unsure of how the transaction would work, but it sounds like they would just hand me a check from the financing institution and that would be it. Right?

Thegoblinchief

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Re: Accept Loan for private auto sale?
« Reply #3 on: March 21, 2014, 11:39:58 AM »
I'd still insist on cash, unless you know how to spot a forged cashier check.

ritchie70

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Re: Accept Loan for private auto sale?
« Reply #4 on: March 21, 2014, 11:44:53 AM »
I'd still insist on cash, unless you know how to spot a forged cashier check.

Or you could meet them at the bank making the loan if it's somewhere local and do the sale there. If a bank employee hands me a check I'm pretty confident it's good.