I am thinking to take Used Car loan from my bank.Anyone can explain me how that work?
Question by frustrated!: I am thinking to take Used Car loan from my bank.Anyone can explain me how that work?
I am thinking to take Used Car loan from my bank.Anyone can explain me how that work?I mean if they approved me,how bank will pay me?by check or cash or any other way?How does this works with the car dealer while taking loan from my bank?
Best answer:
Answer by Mike C
When you receive approval from the bank they will tell you the amount. They will write the check out to the dealer or private person you are buying the car from. You basically are the middle man between the bank owning the car (until you pay it off) and the seller of the car.
The bank will also be listed as having a lien on the title until you pay the car off from the bank.
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US $4,700.00
