Is it possible to finance a private party sale?

[Zorak03]

I bought a Model 3 late last year, love it so we will either buy a second Model 3 (probably P3D) or a Model X next. Now that the tax credit is gone there isn’t really a big reason to buy new. Tesla removing FSD from used cars means buying used directly from Tesla is often just as expensive as buying new when FSD is added (sometimes more expensive). For this reason I will probably look at buying from a private seller.

Should I wish to finance the car, is it possible to finance a private party sale? For example, such as using Alliant credit union. Sorry if this is a stupid question, but in the past I always paid cash for my cars so I don’t have a lot of financing experience when it comes to this. I did finance half of my current car but it was bought new. Also, if buying from a private party, is it possible to have the vehicle brought to a service center for an inspection?

 

[Brian's ReX]

I would think this would be a question best suited for your financial institution (Alliant C.U.?). They'll want some sort of collateral.

As far as the seller letting you take it for an inspection... You'd have to find one heck of a trusting soul! Not saying it's not doable... but I, for one, would not let a stranger take my car. Generally private sales transactions are risky. In order for someone to take my car for inspection, I would insist that I have cash-in-hand plus a signed contract. It's always sold "As Is", and you won't have a leg to stand on if the SC finds something.

Great deals can be had... but it's caveat emptor.

 

[Leeclanual]

Of course you can... pre qualify for a car loan and then provide the VIN when you find the car... then bank/CU will cut a check to the seller.

 

[Bueno]

I did exactly what your asking when I purchased my S. My boss was going to trade it in and get S P100D. I asked him to sell to me instead he said ok, I went to the bank and got financed for the amount. He signed over the title and I had to hand it over the bank.

 

[byeLT4]

You sure can! I even had someone finance a car I was selling while I still had a lien on it! His bank sent mine the payoff and my bank sent his the title. Once I verified my balance owed was zero I released the car to him.

 

[Zorak03]

Thanks everyone for the replies! It seems this won’t be as much of a headache as I was expecting.

 

[Uncle Paul]

Credit Unions and banks finance used cars all the time. Tell them what you want to buy, they will run a credit check on you and let you know how much they would finance, and the interest rate.

Sellers will usually agree to a professional inspection for a buyer, but not a shopper. You put together a deal with a deposit. Make it dependent on a inspection at the buyers cost. Problem is that used Tesla are currently in high demand, and many sellers would not want to put up with the hassles of a remote inspection. Maybe bring your own mechanic.