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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?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A purchase order from a car dealership is similar to a bill of sale. It is a legally binding document to agree to purchase the car once signed by the buyer and dealership.
On a dealership purchase order, you’ll find:
- Selling price
- All fees
- Rebates
- 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.
MORE:
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- Gregory R.
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