Can I drive home in it the same day? VERY new to car financing and need help!?

Question

I plan on Financing a car this weekend, a used car with low miles in the $7,000-9,000 range. I have $1,000 for a down payment. My credit is good, but I'm very unclear about the whole process.
Do I get to drive the car home the same day? If not how long is the average wait to finalize paperwork and get the car? Does the car just stay on the lot until things are finalized? I'm SO CONFUSED. Any help on this would be appreciated! I'm also interested in hearing your own personal experiences in car financing.
Thanks!

Answer 1

You definitely could all you have to do is call your favorite insurance company while in the dealership they going to ask you about the car the vin number and so then they are going to fax over a policy card to the dealership and the dealership should give u temp plates

Answer 2

Same Day Car Finance

Answer 3

Well you won't have the title if you are financing. If you are financing through a bank then the bank holds the title until your loans are paid off. You don't need the title to get insurance. As long as you agreed to the financing terms they are offering you and signs the financing contract, you can drive the car off the lot.

Answer 4

Yes, you can drive the car home, even before your credit is approved. However, if the loan company doesn't like your credit, the dealer can come back to you later and ask you to pay a higher interest rate or make a larger down payment -- or ask for his car back.



I hope you're not working with a "buy-here-pay-here" dealer who does his own in-house financing. These dealers are sharks who prey on people with limited funds and bad credit. They offer tightly controlled high-interest loans, and when the buyer is slightly late on a payment, they repossess the car, and resell it to the next sucker.

Answer 5

as long as you can make a deal and you have proof of insurance you can take the car home the same day. Just make sure your loan is approved before you take the car...don't take it if the loan is pending approval..they may come back and say they couldn't get you financed at the rate they quoted and then give you a higher one.



You don't need a title to get insurance..just the VIN #.

Answer 6

the dealer will be stupid not to physically deliver your vehicle to you, as you can always walk to another dealer and buy a car from them instead.

( a contract is only good if its consumated, meaning you took delivery of the car physically)



this is called "spotting"- just a term they use, it means , they make a judgement call, based on your credit if its credit worthy. it doesnt mean they found a financer, it just means you are credit worthy and WILL BE finance by at least one of their sources.



if you have good credit( meaning you have a history of paying your bills, and adequate, verifiable source of income)---enjoy your vehicle!!



p.s. no insurance will not stop any franchised dealer from spotting you the car, but its wise to get your insurance before you go there.





to your added question:

no, insurance companies will require a valid drivers license, the lien holder, info about the vehicle.. and most will ran your credit. they wont ask for your title.

Answer 7

If it is financed in house and it goes through, you drive it home the same day as long as you have insurance, if out of house financing is done it could take a little longer but you could still be able to drive it home.

Answer 8

If you can provide proof of insurance you should be able to leave with your car.

Answer 9

Yes its very doable thing to accomplish in one day.