How does Auto loan thru bank work?

I will need to get an auto loan for $12000 or so. But I never received an auto loan thru bank and am not sure how it works. Once submitting the loan application form, then what?





How long does it normally take to get approved? And once approved, then do I receive the money in cash from the bank? How do I purchase a vehicle using that loan? I mean do I pay the car dealer for the vehicle a lump sum as cash?





Thanks.

How does Auto loan thru bank work?
You apply for the loan with the bank. You can either submit a purchase order then, or you can get a "pre-approval" for a certain amount. Usually they can give you an approval (or turn you down) within a day or two.





You then (if you haven't already) bring in the purchase order for the car you are buying, and the bank will issue you a check made out to you and the seller. You use that check to pay for the car, and make your payments to the bank.





Go to your bank and talk to a representative to see what their exact policy and procedures are!
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Reply:If you go to the car dealer they can get a loan for you from the bank. Then the bank pays the dealer and you pay the bank back. The car dealer works with many banks and could find one quicker than you probably can. If you go that route, the dealer does all the work for you and if your approved you can walk away with a car within a day or two.
Reply:After you apply for the loan and are approved, then you sign a paper giving the bank the right to sell your first born and to drain all of your blood if you default on the loan. THEN... they give you the money.
Reply:Make an appointment at your bank or credit union branch with an on-site loan manager. Instant approval is usually available at banks with loan managers on-site. Bring all your financial info/numbers with you. Get preapproved (some banks let you do this online) before you shop so you don't break your own heart when the bank approves you for less than you want.





Sometimes the bank will pay the dealership electronically and sometimes the bank cuts them a check.
Reply:Honestly, it might be easier to do it through the dealer...they will find the best bank and set it up for you...well at least thats how i did it...then its just you and the bank! One monthly payent! And if youe do it through the dealer they also get your insurance and have plates ready for you to drive it off when you actually complete the paper work!


Hope that helps!

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