h22boy

im too lazy to go to a bank and ask so can someone tell me step by step what the process is. i want to buy a car off of some one. they are still paying for it thru a bank. what kind of paperwork needs to be filled? how long does this process take.
for example if the person owes 18k and i put down 8k to take over payments. do i give the seller the 8k, or do we go to the bank together and add this to his payoff, then papers are signed? will i have to go thru his bank or can i finance thru my own local bank? someone tell me step-by step what process i have to take

s2kshift9k

you can finace through your own bank. Just talk to your loan officer at your bank. they will run a credit check and that will depend on your intrest rate also depends on how old the car is. im sure if you finance 10k it will be either a 2yr/3yr loan. if your buying from his bank your bank will cut the check for his bank for the rest of the amount on the loan minus the down payment then the bank will hold the title till you pay it off.

2002S2K

If you give him the money and take the car without the title, his finance company can repo the car if he doesn't pay off the bill.

Make sure everything is in your name before you fork over the dough.

h22boy

would a bank really allow that to happen? and i think his bank holds the title to the vehicle. so if i'm right after i am approved the title would be mailed to my bank. will i have to get an affadavid form for him to fill the have that sent to my bank?

DarkSigma

dont give him any cash, give your bank the 8K and borrow 10K. The bank will give you a check for 18K to give to him, but you only owe the bank 10K and they will hold the title, until you pay off the 10K.

s2kshift9k

the bank will give his bank the check not him

h22boy

thanks fellas