Can anyone explain to me the process of buying a car with an outside loan?

[DX2000]

So if I've negotiated a price over email with a dealer a few hours away, I can only go to that dealer once and leave with that car that day or else it won't work.

If I go to pick it up and I'm approved for a loan through a bank, what would happen? The dealer would have to get confirmation from the bank that day right?

Sponsored

 

[vincelatz]

It depends on your bank more than the dealer. The dealer will need to be paid that day regardless - either with a bank check in hand by you or a call to the bank to verify funds. How the process works depends on the bank. I bank with PNC and they gave me a check in hand to take with a max amount I could write in and hand over for any car I wanted. My girlfriend at Chase was approved but had to provide the bank with the car, purchase price aka the loan amount, and VIN number before they would release a check to her to take to the dealer. Call your bank that approved the loan and ask about their process

 

[16EX]

As all your negotiating will be done over the phone the dealer will most likely ask you to sign the bill of sale BEFORE coming in to the dealership. This is so they can ensure you have a VIN number to get insurance, bank loan and so they can do PDI before you arrive.

So make sure you're happy with your color and trim level

 

[OcalaGator]

I also bought my car through the Internet/phone. Like @vincelatz 's girlfriend, my bank requested a buyer's order (which includes vin# and otd sale price). They faxed over a copy of the check to the dealer and overnighted it to them. I walked out of the dealer in less than an hour, after signing all of the paper work.

Sponsored