What is a purchase order from a car dealership?

I got pre-approved for a car loan from my bank. But before they'll approve the final loan, they want a purchase order from the dealer. What is this?

A purchase order is a document that’s similar to a bill of sale, and it is a legally binding document to agree to purchase the car once signed by the buyer and dealership.
On this document, you’ll find the selling price, all fees, rebates, and any down payment made.
Your bank wants this document to verify the amount of the loan you need, as well as to know if you’re actually going to possess the car through a legally binding contract.
Before you can buy a car and drive it off the lot you will need car insurance. You can get car insurance in less than a minute with the Jerry app. Jerry will compare 50+ top insurers so you know you’re getting the best deal.
Eric Schad
Answered on Nov 29, 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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