Is there anyway a bank would deposit my auto loan in my bank account so that I have complete freedom?
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I want to buy a used car from a private party and they want cash cause they say they don’t know me and don’t want to accept a check!
I was wondering if it would be possible to get a loan that would be deposited in my bank A/c so that I can withdraw the amount and pay it to the individual selling the car
Tagged with: private party
Filed under: Auto Cash Loan
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The check is attached to a loan but the loan is attached to a specific car title. So if the bank takes a risk and gives you cash (direct deposit) into your account there is a possibility that you won’t buy a car and won’t be able to produce the title to secure the loan. Or that you will spend half the money on a car and the rest on yourself. It is a very risky thing for a bank to do. That is why it rarely happens.
If the seller doesn’t trust you ( I wouldn’t accept a check either) you have two options. Meet the buyer at your bank and let them cash the check before you walk out or give them a certified bank draft (check). These are funds from the bank,not from you, so there is very little risk to the seller since the bank guarantees the funds.
Pay them with a "Certified" or "Cashier’s Check" – guaranteed by the bank.
Absolutely. It’s bizarre, but possible. I have done the same thing with other items, but never a car. Once the bank issues you a loan, it makes no difference how it is dispersed. My suggestion is to have the seller meet you at the bank and have the loan officer cut a cashiers check directly to them. That way there is a paper trail in the event they want to try something shaddy…like say they never received the cash.
If they aren’t comfortable doing that, then don’t buy the car. You have to cover your tail too, ya know!
The bank should give you a check from the bank and showing who the lien should be secured to. If they don’t accept that, go somewhere else. I am a finance manager at a car dealership.