Best Private Party Car Loans Of 2024

Best Private Party Car Loans – Wondering about the best way to pay for a car from a private seller? If you’re thinking of buying a car directly from someone rather than from a dealership, you might need a loan to help cover the cost.

Best Private Party Car Loans Of 2024

There are plenty of reasons why people choose to buy from private sellers: it could save them money, and there’s usually a wider selection of cars available. But one thing that’s easy to forget is figuring out how to finance the purchase.

Unlike when you buy from a dealership, you can’t rely on their financing options. That’s where private party car loans come in handy. In this guide, we’ll take a look at the top private party car loans of 2024. So, stick with us to be enlightened.

What Is A Private Party Auto Loan?

A private-party auto loan is a special kind of car loan meant for buying a car directly from an individual rather than a dealership. These loans are available from various sources, like credit unions, online lenders, and banks. However, it’s important to note that lenders typically impose restrictions on the mileage and age of the car you’re purchasing, particularly when you’re applying for the loan.

10 Best Private Party Car Loans of 2024


If you’re seeking a private-party car loan but have a less-than-ideal credit score and desire a low APR, AUTOPAY is an excellent option. However, they offer co-borrowing options and collaborate with multiple lenders to expand borrowing opportunities. And you can pre-qualify without impacting your credit score.


One of the top private party car loans in 2024 will be offered by USAA, catering specifically to USAA members. With loan amounts ranging from $5,000 to $500,000 and flexible repayment terms spanning from 1 to 7 years, USAA provides ample financing options.

Moreover, USAA boasts flexible loan terms and a generous maximum loan amount. However, it’s important to note that pre-qualification is not available at USAA.


PenFed is another one of the best private party car loans of 2024 and the best for old cars as well. There is no maximum age limitation, and their pre-qualification does not affect your credit score. You can also access a wide range of loan amounts, but you must be a PenFed member to apply.


If you need a private party car loan with a high maximum accepted mileage, LightStream is an excellent choice. They provide unsecured loans, meaning no collateral is required.

Additionally, LightStream offers the convenience of same-day funding. However, it’s worth noting that they have a high minimum loan amount and APR.


PNC stands out for its top-notch in-person service and ranks among the best private party car loans available in 2024. With loan amounts ranging from $5,000 to $100,000 and a 0.25% autopay discount, PNC offers competitive financing options.

Additionally, if you prefer a personalized experience, you can visit one of their nearest banks. However, it’s important to note that PNC has high minimum loan amounts and relatively high-interest rates.

U.S. Bank

U.S. Bank is a notable option to explore for a private-party car loan. While their service may not be available in all states, and there are prepayment penalties and a requirement to apply in person, U.S. Bank offers discounts for customers who make payments with Autopay and provides short repayment terms.

Southeast Financial Credit Union

If you own a high-mileage or older car, Southeast Financial Credit Union is a great option to consider.

However, you must be a member of the credit union to qualify for their services, and unfortunately, their services are not available in Kentucky and Tennessee.

Nonetheless, Southeast Financial Credit Union offers flexible loan terms, and there are no mileage restrictions, making them an attractive choice for many borrowers.

Bank Of America

Bank of America is an excellent option for borrowers who prefer the convenience of a large bank for their loan applications and services.

Furthermore, regardless of your location within the United States, you can access their private-party auto loan. However, to qualify for their loan, you must be an online banking customer.

Navy Federal Credit Union

One standout choice for private party car loans in 2024 is the Navy Federal Credit Union, especially ideal for those with military ties.

While specific loan amounts and minimum credit scores are not disclosed, they offer loan terms ranging from 36 to 96 months.

Additionally, the Navy Federal Credit Union promotes co-borrowing, providing flexibility for borrowers.


MyAutoLoan is an excellent option for individuals with fair credit. They have low minimum credit score requirements and straightforward eligibility criteria for interested borrowers.

Additionally, MyAutoLoan permits co-borrowers, providing added flexibility. However, it’s worth noting that they have higher rates on their loans and relatively high minimum loan amounts.

How To Get A Private Party Car Loan

If you’re facing challenges obtaining or applying for a private-party auto loan, this guide is here to assist you.

While the process may vary slightly among lenders, the overall procedure remains similar. Here’s what you need to do:

  • Calculate and determine your budget.
  • Choose the car you want to purchase.
  • Shop around for loan offers.

Once you’ve found a suitable private-party car loan, you can proceed with the application process. After completing the application, make plans to finalize the loan agreement.