Best Private Party Car Loans Of 2024

If you intend to fund a car for private sale, you have to get a lender that offers the best private party car loans this year. Private-party car loans generally have higher interest rates compared to loans by dealerships, ranging from 4.76% to 8.49%.

Best Private Party Car Loans

However, the exact rate depends on various factors. When you secure a car from a private party rather than a dealership, you won’t have the convenience of the dealer arranging financing on your behalf. Not all lenders extend private-party car loans, but some are readily accessible if you have the time to search for them.

Best Private Party Car Loans

Local lenders could prove more available by providing private-party car loans and numerous online options as well. However, based on your situation and requirements, we have highlighted some favorable choices for the best private-party car loans. These selections are based on factors such as rates, fees, requirements, and other crucial factors.


PenFed provides the best private-party car loans specifically for old cars, with a loan amount of $500 and a maximum loan-to-value ratio (LTV) of 125%. Additionally, it doesn’t uncover the minimum credit score requirement, but you can easily get pre-qualified and access potential rates with a simple soft credit check.

Furthermore, it has a competitive annual percentage rate (APR), while the maximum APR is relatively minimal. If securing approval independently proves challenging, the option to apply with a co-signer is available. Typically, the repayment term begins at 36 months, and the extended term of 84 months is reserved for relatively recently utilized cars.


AUTOPAY caters to borrowers seeking low-used APRs and those with less-than-ideal credit, making it the best private-party car loan. The option to get pre-qualified through a soft credit check allows you to review potential offers without impacting your credit score.

Additionally, if securing approval independently proves challenging or you’re dissatisfied, AUTOPAY permits the inclusion of a co-signer. Also, it provides a wide range of loan amounts ranging from $2500-$100,000 and terms of 2–8 years.

However, the minimum loan amount may be on the higher side for some buyers. Furthermore, it also lacks clarity regarding other eligibility criteria, making it challenging to ascertain whether both you and the vehicle meet the requirements.


LightStream stands out among car lenders by not requiring the use of the purchased vehicle as collateral. Moreover, it is particularly the best private party for those seeking loans for vehicles with high mileage. In addition, you may secure funding as quickly as the same day, depending on the timing of your application.

However, it’s important to note that despite having an excellent credit score, interest rates can be relatively high. Furthermore, it allows a minimum credit score of 680 and does not offer a pre-qualification option.

U.S. Bank

U.S. Bank provides availability in loan amounts, offering terms as brief as 12 months. Additionally, customers stand to receive an interest rate discount when choosing automatic payments from their U.S. bank checking or savings account.

However, the lender might waive the need for a down payment, depending on your creditworthiness. Moreover, a prepayment penalty applies if you settle your loan within one year of disbursement. This penalty amounts to 1% of the original loan value, with a minimum fee of $50 and a maximum of $100.


USAA is beneficial for its members because it includes access to significant loan amounts, flexible terms spanning from 1 to 7 years, and shopping experience. Upon approval, you will get 45 days to search for a desired vehicle, allowing enough time for a thorough search.

Additionally, USAA offers loan amounts ranging from $5,000 to $500,000 with an APR range that is competitive. However, it’s important to note that the lender does not provide a pre-qualification option.

Southeast Financial

Southeast Financial proves to be the best private-party car loan by not imposing restrictions on the model year or mileage of cars eligible for financing. This flexibility can be particularly advantageous when seeking affordable vehicles from individual sellers.

Additionally, the loan options include amounts starting at $12,000, with terms ranging from 12 to 84 months. This can be beneficial for those seeking a more budget-friendly financing solution.

Navy Federal

Eligibility for membership at the Navy Federal Credit Union is possible for individuals connected to either current or former members of the military or through familial ties. Typically, this lender extends a 0.25% APR discount to active-duty and retired military members and accommodates co-applicants.

Navy Federal Credit Union offers a loan term ranging from 36 to 96 months. However, it’s important to note that the lender doesn’t provide car loan preapprovals for individuals purchasing a car from a private seller.


myAutoLoan isn’t a direct lender but provides various loan options through its network of lending partners for individuals in the market to purchase a car. The loan offerings range from $8,000, with terms extending from 24 to 72 months.

Additionally, myAutoLoan offers consumers whose credit might be excellent a minimum credit score requirement of just 600 and the option for co-applicants.


PNC Bank offers private-party car loans with interest rates that can be comparatively higher than those offered by some other lenders. Additionally, it provides a diverse range of loan options with loan amounts and terms ranging from $5,000 to $100,000 and 12 to 84 months, respectively.

To secure PNC Bank’s most favorable private-party auto loan rate, an excellent credit profile is essential, and a minimum financing commitment of $25,000 is required.

Bank of America

For those seeking financing for a budget-friendly used car, Bank of America may not be the best choice, as it only extends loans starting at $7,500. Also, the loan terms range from 48 to 72 months.

Additionally, private-party auto loans are exclusively available to existing online banking customers. However, the starting APR with this lender is comparatively higher than many other options listed at 9.39%.


A private-party auto loan serves as a car financing option designed for purchasing a vehicle directly from an individual seller rather than a dealership.

Although obtaining a car loan without involving a dealer may require a bit more effort, however, there are options from the best private-party car loan companies available for you to consider.