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  #1  
Old 04-23-2009, 10:42 AM
t4lruum t4lruum is offline
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New car loan process

Hi guys, just want to ask.

When taking car loan for new car, Is it correct that we sign all those bank loan forms empty?

When is the best time to give the bank draft to dealer? I ask to give bank draft upon delivery, and they say can not.

Thanks for your help.
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Old 04-23-2009, 11:27 AM
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leslie leslie is offline
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NEVER SIGN ANY EMPTY FORMS....AT ALL. Especially if its Money related

ONLY sign in front of the Bank officer in the Bank's premises which is releasing the loan for you.

DO Not sign in dealer or salesman shop.

Always photostat your documents and insert wordings on it with example " "For xxx - name of Bank LOAN USE only"
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Old 04-23-2009, 12:44 PM
icyages icyages is offline
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IMHO, a std procedure for most of the car dealers. reason, save the trouble of running to & fro. Some of these documents are a sequent of events, like bank draft is needed to pay for the car then only get registered with licence then bank loan processing so on & so forth. it would not be possible to deliver the car to you and you COD. Unless its a 2nd hand car.

True, signing blank form is extremely dangerous!!! You have to weigh the cost & benefit yourself.
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Old 04-23-2009, 01:13 PM
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desaintlights desaintlights is offline
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if u are buying from reputably shop, then no worries.
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Old 04-23-2009, 01:22 PM
yoamikutdare yoamikutdare is offline
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experiance..

Signing any car loan agreement must be done in-front of bank officer... please choose a date to sign... because that date is the date for you to pay monthly installment. Make sure you done it wisely... or they call you every month on the time period... But now salesman are trying to generate more income by saying that we can approve your loan faster... old trick... you call bank directly... no more under table issue... one more thing... spend a little bit of cash for nice registration no...
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