Bank buys your car ?

Question

I’ve heard some banks can buy your car for you. Can someone explain that to me ? What’s the difference between letting your bank buy your car and paying your bank off vs just leasing/financing a car thru the dealership ? Sorry if this seem like a dumb question but I’m only 19 and still don’t understand a lot of adulting in the world lol

Answer

The difference is getting the loan directly through your bank vs getting the loan through whatever loan companies the car dealership uses. In my experience, it's better to go through your own bank if you have a relationship with them--you can usually get a better rate and there isn't the added pressure from the salesman.

Answer

as the other commentator said, the difference is from whom you obtain the loan. leasing/financing is owned by the dealership through your bank, and the dealership takes over most of the paperwork on your behalf. meanwhile a car loans means you own the car but the bank loaned you money for it, making it collateral. 
it's always better to pay cash though. i bought my model 3 in cash as i try to avoid loans wherever possible. 3-4% interest doesn't seem like a lot but it definitely adds up. it's better to save up and get all the features you want than pay out of your ass for well above fair price.

Answer

U just get an auto loan through ur bank just like u would through the dealership. When u go to the dealership tell them u want them to run ur financial info through ur bank only not a general one where they try a bunch of places.

Bank buys your car ?

Let’s Glow

Glow is here for you on your path to pregnancy

25+ million

4.8 stars

20+

Getting Pregnant

Pregnancy

1st Year (Baby & You)

Baby Products