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I want to buy a used car from this guy, but he’s not at a dealership or anything. If I get approved for a loan from a bank, will they give me a check that I can give to him for the balance of the car that I want to pay off?

6 Comments »

1. 

   Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carinsurance.deep-ice.com

   Comment by Richard — October 27, 2010 @ 6:40 am

2. 

   You will probably have to apply for a personnel loan and use the car for a lien. It is better to get the personnel loan cause you can pay it off faster and get a lower interest rate.

   Comment by deljack05 — October 27, 2010 @ 6:40 am

3. 

   It will. The bank will give you a car loan if you and the car qualify. No dealer is required. You will need to show equity, like a down payment. That is easy to fake if you don’t have a down payment. The amount borrowed must be the loan value or less. The bank will use Kelly Blue Book or NADA so the numbers are high. You show them a buyers agreement with the price and the down payment, with the seller’s information. They will likely want to see the car. The bank will probably have an on site notary that can collect the sales tax and process the paperwork. Much depends on your state. I hope this helps.

   Comment by Dogbettor — October 27, 2010 @ 6:40 am

4. 

   I’ve seen this done in the past, but lenders are hinky these days, so don’t count on it. They also will not finance a car that is more than something like 7 years old and you probably need squeaky clean credit.

   Comment by Paul — October 27, 2010 @ 6:40 am

5. 

   You can do it, If you have good credit, The bank will be faster to do it, I would advise not to get a personal loan, becuase the intrest rate it higher, becuase its higher risk than a loan secured by a car, yes you’ll need full coverage. Also if you plan to pay off early, read the paper work and make sure theres no pentalty. Ditech used to do this and some preditory lenders still do, where u own them the interest for the life of the loan even if you pay it off early. They’ll give you a check in whomever name you want or the lienholder on the car is, and then serender the title to them depending on state so them can attach a lien to it. Then thats about it.

   Comment by Austin B — October 27, 2010 @ 6:40 am

6. 

   Yes, you got to ask yourselves – How I’m going to pay for it?

   In your case, I suggest you take personal loan as the interest is lower. The related deal such as you get approve or not or getting any check is depends on the bank that you apply for the loan. But make sure you apply for shorter period as it can reduce the interest for your payment.

   Comment by Liyana — October 27, 2010 @ 6:40 am

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