What happens at the end of a car loan when you buy a car?
the car is paid off and the bank will send you the title (proof of ownership)
since car loans are an example of revolving debt, you can go get another car
you will turn the car into the dealership you bought it from
you cannot get another car loan

Question

27-04-2024
Business

Answered

What happens at the end of a car loan when you buy a car?
the car is paid off and the bank will send you the title (proof of ownership)
since car loans are an example of revolving debt, you can go get another car
you will turn the car into the dealership you bought it from
you cannot get another car loan

Answer :

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At the end of a car loan when you buy a car, several things typically happen: 1. The car is paid off through the monthly installments you've been making to the bank or lender. 2. Once the final payment is made, the bank or lender will send you the title of the car. The title is proof of ownership, indicating that you have fully paid for the vehicle and are the rightful owner. 3. You will now have full ownership of the car, free of any outstanding debt related to the loan. This process signifies that you have completed the terms of the loan agreement, fulfilled your financial obligation, and obtained full ownership of the car without any encumbrances related to the loan.