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Financing a Car Purchased On Ebay

Posted on Oct 05, 2011 by Thalia Green
Oct 05

Ebay is quickly becoming a popular source for used cars. If you are comfortable shopping on Ebay, you might also enjoy shopping for your next car on Ebay as well. However, many car buyers wonder if it is possible to finance a car purchased on Ebay? The answer is not only is it possible, but there is more than one way to do so. In this article we will discuss some of the ways you can finance your car if you purchase through Ebay.


Ebay Motors Financing Center
To respond to the demand created by customers, Ebay has created the Ebay Motors Financing Center. This allows the auction winner to finance the car. The Financing Center does not handle the loans directly; they take the information provided by the customer and match them up with a lender, who then collects the payments. This service is available on a variety of vehicles, including cars, trucks, SUV's, and even less traditional vehicles such as boats and snowmobiles. A wealth of information about Ebay's financing is available on the website; be sure to review it so that you know how this option works.


Financial Institutions
Of course, just because you purchase the car through Ebay does not mean that you need to get your financing through Ebay. You do have the option to set up financing through a bank or credit union. Depending on your relationship with the bank and your credit history, you might find that your bank can give you a better rate than Ebay's Financing Center. If you choose to go with this option, you would either have the bank wire the money to the vehicle seller, or you would send them a cashier's check via certified mail.


Private Financing Through The Seller
If you are buying a car through a larger seller, you may find that the seller is willing to negotiate financing with you directly. If this option is available, you may find that it's worthwhile to do so, depending on the rate that is offered.


Although most purchases on Ebay are done via cash or credit card, there are definitely financing options available for those who wish to buy their next car off of Ebay. Be sure to shop around and see what options are available to you. It's hard to say who will give you the best deal, but it is always a good idea to get quotes from two or three sources before you decide who to use for your car loan. 

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