Financial Wellness Minute: Private Party Purchase

You may be looking to buy a used car, motorcycle, boat or RV from another person and you are unsure how to finance the purchase. Here are a few of the important steps to know…

• Get pre-approved by your financial institution so you know your budget .
• Check online valuation sites such as Kelley Blue Book, Edmunds, or J.D. Power to assure your purchase is in line with Market Price.
• Check the vehicle history on Carfax to see if an auto was in an accident or flood.
• You found what you want. You will need the title and lien information on the purchase from the seller.
• Check for a lienholder listed on the title. The seller needs to provide a lien release or lien card, which releases a financing company off the title. The seller and you will each need to work with your financial institution to gain a clear title.
• If there isn't a title, the vehicle will need a Bill of Sale in order to close on the loan or a copy of the vehicle's registration sticker.
• Titled vehicles, typically called "street legal", are cars, some boats or trailers.
• Non Titled vehicles still need to be registered with the state, such as ATV, jet skies, side by sides and more.

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