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Asked: Jul 30, 2008 - 08:13 PM
Status: Closed
jerome8283
Are there any disadvantages to the Blank Check Auto Loan process offered by banks?
I'm considering using this process and it is stated that doing this makes the buying experience easier? Anyone have expereince with this?
In Buying & Selling > Car Buying > Fees1 answer - 464 days ago
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bandit10
Date: Jul 31, 2008 Time: 01:32 AM
If your bank has run a credit check on you and gave you a specific maximum dollar amount they will cover for the loan, then that's good business. Because they know your good for it. As for a blank check policy I would be cautious and ask what it's going to cost in finace charges and interest rates. Sometimes you can find yourself in a trap. Ask your banker to spell out the differance of a set credit line and an open or blankcheck line. It's worth the trouble. Have Him or Her put the differances in writing for your comparing.
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