What Is A Blank Check Car Loan?

A blank check car loan is a car loan provided by a bank that does not have a specific dollar amount attached to it. The bank is willing to let the borrower get whatever car they want, without worrying about cost. Some banks may even present a real blank check, allowing the borrower to visit the dealership, write the check, and drive away in the car.

Blank check car loans are offered through a variety of banks. In order to get a blank check car loan, a person should have very excellent credit. Rates and terms will vary upon the lender, but usually range from 36 months to 72 months with rates as low as 4.9%. The interest rate and terms you are given will rely on the credit score you have. The better your credit score, the better the terms of the loan will be.

A blank check loan will give you a break when it comes to figuring out how much you can afford and what kind of car to buy. It will make it easier for you and the dealer because financing is already taken care of.


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