lamo question about getting a car loan
06-30-2008, 07:04 AM
#1
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lamo question about getting a car loan
so lets say i get a car loan and i want to buy from a private party. how does the whole process work? does the lender give me a blank check?
06-30-2008, 07:09 AM
#2
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Depends on the lender. Typically, you get pre-approved for the amount you ask for and when you come back for the check, you have to give the car's VIN and further information about the car. They'll then cut you a check for that amount.
06-30-2008, 07:17 AM
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good to know.
i was gonna buy a new car, but i see at 1 year old car as a much better deal, especially since i will save like 1.5k in taxes and 2-3k in depreciation.
06-30-2008, 07:18 AM
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when i did it last time i provided the bank with the vehicle details. they told me what the bank was willing to clear a check for based on value. once i had a selling price they cut me a check, they also were willing to deposit the money into my account in case i was able to drop the price yet more before the exchange.
when it was done and i was getting the title transfered they put the lien info on it right there. done deal
when it was done and i was getting the title transfered they put the lien info on it right there. done deal
