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 · Answered on Nov 29, 2021
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.
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