How to take money from a bank?

I want to take bank loan to buy used car,how bank will provide the money i want in order to buy used car?

• I want to take bank loan to buy used car,how bank will provide the money i want in order to buy used car?will they give me check,cash or dedcut money from my bank account?This is ...show more

• Answer:

  You will most probably have to use something as collateral, so that, if you default, or die, the bank gets its money back. You will have to visit the bank and sit down with a Loan Officer, who will ask you questions about your financial situation. I take it you already have an account at that bank. You can make arrangements for the loan repayments to be deducted from your account on a selected day each month. You will always have to ensure that you have that amount of money in there. The bank will go back over your account history and see whether you have always been reliable, have showed steady income, and have never bounced any checks, or run your account down to almost zero. These things will be factored into the decision. Unless a person is so well known to the bank over many years, and the bank is quite comfortable to make the loan on that person's recogniscence alone, the bank is going to want to attach something of yours to at least, or more than, the amount of the agreed loan. If you own your own home, for example. But if you simply do not have anything that you can offer of that value, you may have a problem getting a loan from a bank.