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?"

Answer
“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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Eric Schad
Answered on Jul 27, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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