Auto Loan?

[tapout383 10+ year member]

Hey guys, i was planning on buying a car from someone in the near future. The guy says the car is not paid off, therefore the bank has the title. Well I am going to need the title because I have to get a loan for the car. Anyone know what i could do?

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[Scoobydoo 5,000+ posts]

you get the loan and pay his bank the balance of what he owes, then they send the title to your bank until you pay off your loan

 

[tapout383 10+ year member]

you get the loan and pay his bank the balance of what he owes, then they send the title to your bank until you pay off your loan

That was what i was expecting, thanks man. Just figured it may be a little more complcated then that I guess ill have to call them tomorrow.

 

[tapout 5,000+ posts]

DO NOT pay him directly. You pay whoever has the title. If you are paying more than payoff, he gets the balance.

 

[tapout383 10+ year member]

Yeah im actually getting a really good deal, so i would just tell my bank to make the check out to his bank or have them wire the money to them?

 

[tapout383 10+ year member]

And btw would i tell them the orginal miles on the speedo or the miles on the motor? the car has 90k the motor has 50k

 

[Scoobydoo 5,000+ posts]

car

 

[tapout 5,000+ posts]

car

this

 

[tapout383 10+ year member]

Thanks guys for the help. The bank told me i could borrow 85% of nada value, The value is like $4600 and he is only asking 4. Could i borrow the $4600 or would they only let me borrow the 4?

 

[tapout 5,000+ posts]

Thanks guys for the help. The bank told me i could borrow 85% of nada value, The value is like $4600 and he is only asking 4. Could i borrow the $4600 or would they only let me borrow the 4?

85% of 4600 is slightly less than 4k.

 

[tapout383 10+ year member]

85% of 4600 is slightly less than 4k.

Sorry I ****ed up Its value at 85% is 4600

 

[tapout 5,000+ posts]

Sorry I ****ed up Its value at 85% is 4600

If you have good credit they will probably give you the 4600.

 

[tapout383 10+ year member]

Cool, sorry for all the qestions haha. Will most mechanic shops do compression tests? And how much would it cost?

 

[faulkton 5,000+ posts]

they should loan you 85%

 

[tapout383 10+ year member]

and btw this is an out of state purchace so i guess they can still write the check to his bank and send i guess a SD title to my bank