...the car loan? If the car dealer accepted my downpayment on a car, Does this mean I'm qualified for the car loan?
I went in to buy a Honda today through the Graduation Program, I test drove the car, signed a privacy form, and a Credit Check form. When he came back, he asked me if I had a $1000 for a downpayment, and I told him I only had $500 on me right now, and asked if it was ok to put down $500 now and another $500 in 2 weeks and he said yea, he'll do that. So I gave him my credit card and he came back with a receipt which I signed. Then he said, the bank may let you get by with just paying the $500, and if so, I could pick up the car on Monday, otherwise, I will get the car in 2 weeks after paying the additional $500. So i said ok great, thanks. I assumed that it means i was qualified for the car loan. Well after leaving, I realized that we didnt even go over the monthly payments or anything. And my dad thinks I made a huge mistake putting down a downpayment without even going over the monthly payments, or signing any contract about purchasing a car.
My question is... Is it unusual to make a downpayment before actually purchasing the car? and Does it mean I'm qualified for a car loan since I began the downpayment? AND will I get my money back if I'm not qualified for the car loan?
I went in to buy a Honda today through the Graduation Program, I test drove the car, signed a privacy form, and a Credit Check form. When he came back, he asked me if I had a $1000 for a downpayment, and I told him I only had $500 on me right now, and asked if it was ok to put down $500 now and another $500 in 2 weeks and he said yea, he'll do that. So I gave him my credit card and he came back with a receipt which I signed. Then he said, the bank may let you get by with just paying the $500, and if so, I could pick up the car on Monday, otherwise, I will get the car in 2 weeks after paying the additional $500. So i said ok great, thanks. I assumed that it means i was qualified for the car loan. Well after leaving, I realized that we didnt even go over the monthly payments or anything. And my dad thinks I made a huge mistake putting down a downpayment without even going over the monthly payments, or signing any contract about purchasing a car.
My question is... Is it unusual to make a downpayment before actually purchasing the car? and Does it mean I'm qualified for a car loan since I began the downpayment? AND will I get my money back if I'm not qualified for the car loan?