How do bank loans for cars work?

I applied for a 15,000 bank loan to buy a used car (undecided on new or used, if I decided new I will need to up that to 20,000). Anyway I talked to my bank on the phone (RBC) and got conditionally approved for a ,000 loan and now I have an appointment today to talk to a representative in person. The lady on the phone told me it would be to talk about the loan and to get a 00 credit card which I have been pre approved for. What do I need the credit card for? SUrely you don’t need to have a credit card to buy the car. How hard is it going to be to get the other ,000 I will probably need??

Also, when I am approved how does that work. The bank automatically puts the ,000 into my account which goes to the dealership each month? And then I pay the same ammount to the bank each month or what? How long do I have to pay back?

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One Response to “How do bank loans for cars work?”

  1. ab Says:

    They give you an approval letter, and then the car dealership contacts the bank with that information. Banks are notorious for ignoring you and just selling you what will get the representative a commission. You should be more hard on the salesman, tell them if you don’t want the credit card, why are you selling me things I am not asking for? I need a loan for a vehicle for blank amount, what is the status on this? I find that I have to run the conversation with people like this or they just confuse me and try to make me spend money on things I am not interested in.



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