Now more than ever more people are buying used cars through private sellers rather than through car dealers. During our time in lending, we have never seen so many private sale finance requirements.
Online sites such as Gumtree and Carsales are becoming more popular for car buyers and sellers.
UFSWA can source loans for all private sales including cars, boats, bikes, caravans, trucks and equipment. The misconception is that people think they need to go direct to a bank to fund a private sale. This is certainly not the case and UFSWA can offer “better than bank rates” for private sales.
However despite the benefits of buying privately, people need to be careful to make sure they are getting a roadworthy vehicle and the team can guide your client through the following.
- Is there money owing on the vehicle?
- Is the vehicle being purchased stolen?
- Has the vehicle been written off?
- Is the sale/seller legitimate?
There have been situations where people were planning to purchase a particular vehicle and we have found that the vehicles were previously written off. Those clients were then able to purchase a more suitable car. Banks & Credit Unions generally do not check this if the loan you have applied for is an unsecured personal loan.
Contact us today for to help with your next purchase or Pre Approval request.