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I want to take bank loan to buy used car,how bank will provide the money i want in order to buy used car?

I want to take bank loan to buy used car,how bank will provide the money i want in order to buy used car? Topic: Bank employment application form
July 17, 2019 / By Xan
Question: I want to take bank loan to buy used car,how bank will provide the money i want in order to buy used car?will they give me check,cash or dedcut money from my bank account?This is first time and really didn't know.Any good suggestions about this matter?
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Best Answers: I want to take bank loan to buy used car,how bank will provide the money i want in order to buy used car?

Sheamus Sheamus | 2 days ago
First you go to the dealer and select a vehicle you want to purchase. He will then have you fill out a credit application after giving you the exact figures for the vehicle. He will then submit the applications to the bank(s) he uses for financing. If you come back approved, then they will fill out the paperwork. After the paperwork is complete and signed, you then have your new car. If you have a down payment you plan on using, the you take that with you and give it to the person you sign papers with. After that is done, the dealer submits all your financing paperwork to the bank and they in turn get reimbursed by the bank for your loan. Usually by wiring the funds to his checking account. After that is done, you get your payment book from the bank, registration from the dealer and title with lein holder from the DMV. Now, you should know that if this is the first vehicle you are buying on credit, it may not be approved. First time car owners are hard to get financed unless you have credit w/a credit card or other loans (to show you have established credit), you have lived at your address for a long period, you have a bank account and worked at your place of employment for a while. Like I said, if this is your first vehicle, you may have to get a cosigner to be approved as well. If you get the loan through your bank, then you call your bank loan officer and give them all the details about the vehicle you are purchasing, or you can take them the figures you will need from the dealer/individual. If you are approved, then they will give you a check made out to you and the place/person you are buying the car from. You in turn need to sign the check over. If you sign up for automatic bill payer with your bank after you are approved, then after you fill out your financing papers at the dealer, they will tell you what day of the month you loan will be deducted from your account and how much. But you have to ask for this option and sign a form with all of your bank account information on it. If you go this way, it usually saves you .25% on your loan interest.
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Sheamus Originally Answered: I want to take bank loan to buy used car,how bank will provide the money i want in order to buy used car?
First you go to the dealer and select a vehicle you want to purchase. He will then have you fill out a credit application after giving you the exact figures for the vehicle. He will then submit the applications to the bank(s) he uses for financing. If you come back approved, then they will fill out the paperwork. After the paperwork is complete and signed, you then have your new car. If you have a down payment you plan on using, the you take that with you and give it to the person you sign papers with. After that is done, the dealer submits all your financing paperwork to the bank and they in turn get reimbursed by the bank for your loan. Usually by wiring the funds to his checking account. After that is done, you get your payment book from the bank, registration from the dealer and title with lein holder from the DMV. Now, you should know that if this is the first vehicle you are buying on credit, it may not be approved. First time car owners are hard to get financed unless you have credit w/a credit card or other loans (to show you have established credit), you have lived at your address for a long period, you have a bank account and worked at your place of employment for a while. Like I said, if this is your first vehicle, you may have to get a cosigner to be approved as well. If you get the loan through your bank, then you call your bank loan officer and give them all the details about the vehicle you are purchasing, or you can take them the figures you will need from the dealer/individual. If you are approved, then they will give you a check made out to you and the place/person you are buying the car from. You in turn need to sign the check over. If you sign up for automatic bill payer with your bank after you are approved, then after you fill out your financing papers at the dealer, they will tell you what day of the month you loan will be deducted from your account and how much. But you have to ask for this option and sign a form with all of your bank account information on it. If you go this way, it usually saves you .25% on your loan interest.
Sheamus Originally Answered: I want to take bank loan to buy used car,how bank will provide the money i want in order to buy used car?
You will most probably have to use something as collateral, so that, if you default, or die, the bank gets its money back. You will have to visit the bank and sit down with a Loan Officer, who will ask you questions about your financial situation. I take it you already have an account at that bank. You can make arrangements for the loan repayments to be deducted from your account on a selected day each month. You will always have to ensure that you have that amount of money in there. The bank will go back over your account history and see whether you have always been reliable, have showed steady income, and have never bounced any checks, or run your account down to almost zero. These things will be factored into the decision. Unless a person is so well known to the bank over many years, and the bank is quite comfortable to make the loan on that person's recogniscence alone, the bank is going to want to attach something of yours to at least, or more than, the amount of the agreed loan. If you own your own home, for example. But if you simply do not have anything that you can offer of that value, you may have a problem getting a loan from a bank.

Noah Noah
Normally it works like this. You go and talk to your bank, they "pre-approve" you for a loan. For example they say they will lend you up to $10,000 and the car must be less than 10 years old. OK, knowing that you go car shopping and find the car you want. Tell the dealer you have the money all organised, and to skip the finance spiel, and settle on a price. Say this comes to $9,495. Get the paperwork from the dealer and take it back to your bank so they can record the car and purchase details, and they give you a bank check made out to the dealer. Take that back to the dealer and get your car. Exact details like deposits, titles, registration and liens will vary, but the bank and dealer will know how things work in your country or state.
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Kortney Kortney
They will write a check to the car dealer for the amount of car purchase, assuming you qualify for that much money, and assuming you didn't agree to pay more than the car is worth.
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Kortney Originally Answered: Is it normal for a bank to ask for past bank statements before giving you an auto loan?
This is normal BUT, it is a common game that auto dealers will do. They send you off with the car, then they start calling to have you come back to sign more papers..or provide more stuff in order to get you a better interest rate... Better read the contract real close, the chances of you getting what you thought you were (as far as terms and interest) are probably slim to none. Car dealers are notorious for doing this sort of bait and switch. I won't even bother to lecture you on cosigning for a boyfriend. I sure hope you don't end up on Judge Judy. She will read you the riot act.

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