i couldnt decide whether this should be posted here or in pit road...

anyways, if i get a loan through a credit union, how does that work, they give me a check? and i go do with it what I want and i just pay back to that union? basically wat im saying is, can i get a loan thru a credit union, purchase a car, and get a title, or would i not get a title till that loan is paid off, even tho i didnt go thru a dealership.

and also, if the credit union does give you a check, could i deposit that check into bank, take out cash and buy from a private seller?

as long as credit union gets paid every month or whatever its good to go, correct? or am i wrong.

i have a car in my name now and went thru the dealerships bank, so i kinda dont want another car on my credit, id rather just have a small loan i know i can pay off whenever

 

yes you could do this, but it would be a personal loan(non secured) and these loans are kind of difficult to get in this day and age in a large amount.

 

yah im not worried about being approved or nothing like that, thats not the problem, just wanted to make sure i could technically do it that way.

 

as for the title, yes, you get the title. Technically, you bought the car with your money. Now you just have to pay the bank back for what will feel like the rest of your life.

 

lol true true.

 

if it's an auto loan they will have the title, if you get a personal loan you get the title.

 

gonna buy my truck boy?

 

lol idk, i wouldnt need a loan for your truck, im thinking bout some crazy ideas lol just gotta get myself to actually do it

 

ONLY if you take out a loan specifically for the car and let them know, if you get what is called a "personal" loan then they will not have the title.

 

auto loan- they hold the title until you pay off the loan

personal loan- you get the money, you get the title

auto loans generally have lower interest than personal loans, so if you can work out an auto loan, then you are better off