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Can I pay cash for a car after I'm approved for a loan?

"I'm buying a car from a private seller. He wants cash for the transaction. Can I withdraw cash after I get approved for a car loan?"

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“No, you won’t be able to get cash for the loan unless you get a personal loan, which will come with an exorbitant interest rate.
When you get a car loan, the lender wants to make sure that the funds are actually being used for the vehicle. Thus, they’ll always give you a check made out to the seller.
If the seller is uneasy about the check (which he shouldn’t be), offer to meet him at the bank so he knows it’s legitimate.”
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