Overhaulin'

How does car loan thru bank work?

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

Public Comments

1. The bank will check your application and credit history. If approved, they will likely notify you what terms they are offering (amount of loan, term, interest rate).
2. Local banks are no different then national ones when it comes to auto loans. They base their decisions on the following factors; 1. LTV (loan to value). 2. Term requested. 3. Age of vehicle. 4. Miles on vehicle. 5. Down payment. 6. Time at job. 7. Time at residence. 8. Monthly income before taxes. 9. Credit score/profile. 10. Total debt to income ratio. All of the above factors play a part in deciding if you are approved, for what interest rate and term.
3. You should email Spifiman thats what he does for a living..he will give you a answer
4. Ditto the Spiffman advice.....and if you are pretty he'll give you a loan himself!
5. well you know, (spifman answer). Credit Score is not all they look at, must meet minimum debt service ratios, your cosigner if you have and they look your job. I found interesting information about your answer & THE BEST car loans options here. http://all-debt-consolidation-loan.blogspot.com/2007/08/car-loans.html