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Can I pay cash for a car after I'm approved for a loan?
"I'm buying a car from a private seller. He wants cash for the transaction. Can I withdraw cash after I get approved for a car loan?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“No, you won’t be able to get cash for the loan unless you get a personal loan, which will come with an exorbitant interest rate.
When you get a car loan, the lender wants to make sure that the funds are actually being used for the vehicle. Thus, they’ll always give you a check made out to the seller.
If the seller is uneasy about the check (which he shouldn’t be), offer to meet him at the bank so he knows it’s legitimate.”
View full answer
- Gregory R.
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