How To Buy a Car From Friends or Family Without Any Cash

You must follow these steps to ensure your purchase is legal, and you don’t get stuck with any nasty surprises: 

1. First and foremost, you must check the car’s history. You should run a quick check on the VIN (vehicle identification number) to verify that the car has no other claims and hasn’t been stolen, salvaged, and/or has any outstanding loans on it. 
2. Next, verify that your friend’s (or family member’s) name is on the vehicle registration papers.
3. You should also check the kilometres on the clock and compare the asking price to the Kelley Blue Book Canada market value.
4. This should be followed by a thorough overall wellness check. Get your own mechanic to do this check. Don’t let the seller’s mechanic do it. The assessment will be more honest.
5. Next, you must take the car for a test drive to see if it’s actually a good fit for you. Take note to listen for any screeches, odd noises, rattles in the cabin, or any strange engine noises.
6. Find out if the car is still under the manufacturer’s warranty. This is an added bonus that’ll save you some cash down the line.
7. Lastly, you can verify all the registration and bill of sale paperwork. You don’t want delays down the road due to haphazard paperwork.

How To Get Finance?

Once you’ve shaken hands on the deal and have come to an agreement on the selling price, you can go ahead and apply for a car loan. As with all loans, your credit score will play a vital role in determining how smoothly your application and approval process goes. It should be smooth sailing if you have a good credit score and don’t have many debt obligations, and you may even get a lower interest rate.

In addition to checking your credit health, the lender will verify the age and condition of the vehicle you intend to buy. Lenders also have restrictions on giving out loans for private car sales. They’ll more than likely have a minimum loan amount that’ll apply and a shorter payback period. 

Your car loan application and approval process may be a bit more complicated if you have bad credit or no credit history. You’ll have to supply additional documents that prove you honour your debts and payments, or you can ask for a family member or friend to cosign for you. However, there’s a better route that you can take.

How Can iRide Auto Financing Help You?

At iRide Auto Financing, you can secure a car loan on simple terms regardless of how good or bad your credit score is. iRide Auto Financing has the best financial advisors with the most advanced car financing tools to help you get the car loan or subprime financing you need to buy the car you want. Our professional financial advisors will have a one-to-one discussion with you to help you explore the most appropriate financing options and lending strategies that’ll suit your budget and lifestyle.

Whether you’re looking for subprime financing or a car loan, we’ll ensure that you’ll be able to afford the repayments and get the most suited rate possible to match your budget, regardless of your current credit score. Getting car finance from iRide Auto will ensure that you get your credit score back on track when you repay your loan on time. This will benefit you tremendously in the long term as you’ll be able to build a trustworthy credit history.

Guaranteed Best Service

We’re affiliated with the Dilawri Group of Companies, and you’re assured of the best service and support to get your subprime finance or car loan approved. In addition, you’ll be able to get a second and a third chance to apply for finance at iRide Auto Financing. 

We’re here to help you get behind the wheels off your favourite vehicle.. Call us now or visit our website to make an appointment and let one of our friendly, professional financial advisors help you.