Private party auto purchases

Private party auto purchases

A member was interested in purchasing a used vehicle from a private party and wanted to finance the loan through Ideal. His question was "If I buy a used car from a private party and take out a loan, how does the process work at the point of sale? Is it possible to use a cashier's check instead of a personal check? Not many people trust personal checks from people they don't know."

The answer is yes, Ideal can issue a cashier’s check after the loan is approved and funded. The buyer can give the seller the business card of the rep they worked with if they want to call to ensure the validity of the transaction. The seller could also go with the buyer to the buyer’s financial and wait with the title while the paperwork is completed. The buyer can then obtain the cashier’s check and even cash it at the teller window to finalize the sale. This way the seller knows everything is legitimate.

Ideal Credit Union offers some of the most competitive auto loan rates in the Twin Cities metro area. If you have found the vehicle of your dreams, whether through a private party or at the dealer, secure your funding through your credit union first and drive home a great deal.

 

 

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