Saturday, October 31, 2009

Bank car loan question?

How do I pay the seller after I get a loan from the bank? Is it in the form of a check? Maybe a stupid question, but Im not sure.



Bank car loan question?

When you're ready to purchase the car you will be issued an official bank check, at request, which you will hand to the seller.



Bank car loan question?

well they send you a bill and you pay with check, check card or money order or they will set you up for direct debit



Bank car loan question?

They DO take cash...in a pinch. S%26amp;H Green stamps were an option once too but today, a check is the most prefered method. Take him a CERTIFIED FUNDS (bank check) payable to him.



Bank car loan question?

In my experience, the bank handed me a check actually made out to the dealer and I gave it to them. If your car is say, $4400, and you get a $6000 loan, then $1600 would go back to the bank as a payment.



Bank car loan question?

First if it is a new car or a car loan, the bank will give the money to the dealer and hold the title till the car is paid off. You have been approved for a certain amount.



If it is a personal loan for a used car, (your credit is good for the amount unsecured) they will either write you a bank check to the seller for the amount (good idea, as it clears faster) or give you a check made out to you. Which you deposit in your account and write a check or get a money order etc to pay the seller.



Bank car loan question?

There are no checks involved, the bank wants a title or registration receipt with them listed as leinholder before paying for the car. They will give the dealer drafting instructions over the phone or fax and in rare cases will give the buyer the actual draft to take to the dealer.



The dealer will transfer the car into the buyers name and list the bank as a leinholder, then deposit the draft along with the proof of transfer information and the bank will pay him electronically.



Bank car loan question?

Request the bank to send you the check made out to you, in care of the dealership. Then, personally deliver the check to the dealer.



What this means is that you and the dealer need to sign the check for it to be cashed.



You would then sign the check and take it to the dealer. Make sure you get a receipt from them when you deliver the check.



Keep this receipt in case you have issues with what happens next:



If you already took the car before you actually delivered the check from the bank, the dealership likely set up a contingency loan agreement.



This agreement protects them and sets you up with financing in case you did not deliver the check to them. This agreement should be terminated when you deliver the check from the bank.



Bank car loan question?

you can do certified check, cashiers check, personal check (if deposited into your account), or wire transfer into their account. I'd personaly go with the cashiers check. Some banks don't use certified checks. Cashiers checks are guarenteed funds and won't require a hold to be put on it.



You'll want to check these guys out....99% approval they say.



http://www.123thebest.info/go.php?link=a...



Good Luck.



Bank car loan question?

jus-a-thought said it perfectly and simply. Don't worry its not complicated! Good luck :)

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