zak87

Does the bank/finance company pay the dealer directly or pay into the applicants bank account?

Thanks

scrubbedexpat141

Dealer directly if I remember rightly. Don't remember the money coming in to my account.

Millhouse

car loan - straight to the seller. Including if it's a private sale to an individual.

personal loan - to your account.

zak87

Thanks, and what about the 20% down payment... Do the bank take that from my account?

scrubbedexpat141

Can't remember what happened with mine.

Maybe they just took it from account. Might have written a few cheques out for total value and for deposit. Not sure.

Millhouse

you pay that directly to the seller too.

you pay the deposit
sign mortgage docs
bank sends money
car is released.