Used car loan im approved for certain amount can i cash the check?
Im buying a used car 95 lexus, but the owner only wants cash. Im alrady approved for the amount and just waiting for my check. But can i cash tgat check ? So i cangiveit to the owner?
Usually, in the purchase of a USED car from a private party, the check will be made out to you. You should be able to cash it.
Lenders don't want used cars as collateral, so the loan was given not on the car, but on your credit. A new car loan will entail a check made out to the dealership.
In other words, you are borrowing the money, so the check will be made out to you. The car itself is the "purpose" of the loan, not collateral for the loan. So the seller of the car is of no interest to your lender and their name should not appear on the check.
The only reason someone's name other than yours would appear on the check is if you requested it.
