Financing question.

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Oct 23, 2013 | 08:05 PM

zabone

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From: NY

Financing question.

I have a bank approved loan for a car that I am buying.

The problem is that the car was only special ordered 2 weeks ago. There is still at least a 2 and a half month wait.

My banker told me that I can go to the dealer and get a bill of sale. They can work out the paper work/payment with that bill of sale.

Do you guys think it is wise to finance a car before it is even allotted to the dealer?

Oct 24, 2013 | 08:18 AM

praetor

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Joined: May 2013

Posts: 1,497

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From: IL

You're securing a loan and not exercising the loan until you take delivery of the vehicle. Just make sure your lender knows this in case you back out or dealer can't deliver.

Oct 24, 2013 | 08:35 AM

bagwell

Lexus Champion

Joined: Oct 2002

Posts: 11,204

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From: The Woodlands, TX

work out the payment(s) yes --- but not finalize everything -- nope, no way I would do that without having the car.

Oct 24, 2013 | 08:41 AM

mmarshall

Lexus Fanatic

Joined: Oct 2003

Posts: 94,574

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From: Virginia/D.C. suburbs

Quote:

Originally Posted by praetor

You're securing a loan and not exercising the loan until you take delivery of the vehicle. Just make sure your lender knows this in case you back out or dealer can't deliver.

This may go without saying, but it is also a matter of the OP accepting delivery of the car defect-free and in satisfactory condition, not just having the keys handed to him.