So I currently have a 2016 XLT with the 2.7l engine, 5.5 ft bed and am looking at getting into a F150 Tremor. Dealerships are asking crazy money for them now and inventory is super low (as most of you are aware haha). I have seen some used private party Tremors optioned the way I want for like 7k less than MSRP and it sounds tempting. I've never purchased a vehicle from a private party that I would also need to finance a portion of (always paid cash for used, older vehicles or new from dealer) so this is new to me.

For those that have bought from private parties how difficult is it arrange payment of new vehicle and facilitate selling a vehicle that is paid off while getting a loan to cover the difference? I could get a loan from my local credit union, but I would have to sell my existing vehicle before hand so I can apply that money towards the new vehicle. or can I get a loan for the whole amount and sell after? Should I sell my current truck private party or just sell it to one of the dealers near me like Carmax? I'm confused if you couldn't tell haha! Thanks!

Oh, to add, I'll also need to put my truck back to stock. I'm assuming all of these will transfer over to the new truck:
-Softopper
-Bedrug
-RAS (Roadmaster Active Suspension)

 

You as a person and your credit answer most of your questions.

Will you quality for a loan while you have your current vehicle? If so then you simply own two cars until you sell one of them.
Payment terms are between you and the seller. Likely they will ask for a cashiers check... you'll get a loan then you are loaded rich. Get a cashier check for the purchase price and off you go.
Bank may want/need some additional paperwork to put the lien on the loan (not sure how that all works).
If you cannot qualify for a loan with your existing, then you will need to pay off the current vehicle (either pay it off or sell it) then take on the new loan.

It isn't a bad idea to consider selling your truck to a dealership. Two options: Go to KBB and get an instant cash offer -the dealership will have emails to you by the the following day with interest. You'll have I think 10 days to act on the current offer. Or simply drive up and ask for a salesperson and tell them you'd like to sell. They will quickly appraise it and make you an offer.
If you can keep 2 vehicles, selling it privately could net you more money but you may not sell it super fast.
My truck sold at the dealership for the price I was asking for it, I didn't get any interest in it for a week when it was advertised on Craigslist. I did have one from out of town and the night before I traded it had another interest, however it was too late then for me to attempt to sell it.

The local dealership made me an okay offer, however the place I purchased the car from offered me 1500 more (first offer was a few hundred less than the other dealership offered me). I was also informed from the dealership that offered to buy it that I would not receive a check that day, they would request the title which would only be after the loan was paid off by them.... so I would not get a check for a few weeks.

 

I’ve been on the selling end of a vehicle private party. I just met them at their bank and provided the title. They got a loan for the whole amount l, but they were pre-approved. I also brought all the dmv papers I’d need, but surprisingly the bank also had those forms at the ready. I still had the buyer sign what I needed in the event the bank didn’t submit them timely. Process took maybe 30 minutes, 10 of that was travel to and from.

If you need a loan meeting at the bank is the easiest way. Even easier if the seller holds the title.

Post your vehicle on CL, cost is $5. Get a carvana offer and you can base your selling price around that, KBB and what you see them listed for elsewhere.

 

How the tax laws work in your state matters. Here in GA if I buy from a private party, I have to pay 7% tax at the tag office AFTER I pay for the vehicle in order to get a tag. On a $50,000 vehicle that is another $3500. And the tag office determines how much it is worth. If you get a deal and only pay $45,000, you pay tax on $50,000 if the tag office says it is worth $50,000. Whoever buys your current truck will have to do the same, and they always want to dicker with you to come off your sale price to help cover that.

If you trade, you pay tax on the difference. If my truck is worth $30,000, I only pay tax on the difference, or $20,000. That would be $1400, and you can roll that into the financing. I figure I need 10% more than they offer me in trade just to break even. And closer to 20% more than what they offer to be worth my trouble. Selling a vehicle is a PITA. It can take weeks and you spend untold time communicating with potential buyers who promise to show, but don't. And the ones who do want to low-ball you.

You may not end up saving as much as you think buying used compared to just buying new from a dealer.

 

Yeah, almost sounds like it is more trouble than it's worth. I'll probably look for something at a dealer unless I find a smoking deal somewhere. Thanks everyone!

 

I don't. I let other people take the depreciation hit and then buy what I can afford. I do all my own maintenance, so I put parts in it to keep it running till it isn't financially viable. Sell cheap. Rinse. Repeat.

In 2021 I bought a 2010 XLT with 138k miles for $10.5k. I inspected it myself and found most of what needed fixing. New leaf springs, rear shocks, rack & pinion, 4x4 TCCM, and IWE deletes (Dorman). Next year I'll replace the front strut assemblies, upper control arms, and tie rod ends. I have a solid truck that does everything I need for an all-in price of $12.5k plus my time. I've put just over 15k miles on it in 3 years, and at this rate it should last another 12-15.

I earn $135k/yr so sure, technically I could afford to pay $60k-70k for a new pickup, but what I save goes to vacations, hobbies, and retirement.

 

Right On!