Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

Trending News

Promoted
TheRav1n
Lv 7
TheRav1n asked in Cars & TransportationBuying & Selling · 6 years ago

In refinancing a car, is it normal for the bank to want to "inspect" the car at the loan signing?

Update:

We got a divorce, and our two cars are held jointly. We are refinancing to remove the other from the car loan of each respective car. One car is refinanced, no trouble. The other they want my ex to have "inspected" and all sorts of run around. Is that normal? If the car is a little messy, does that matter? Are they just checking to see the car exists and runs?

Basically what can we expect on an inspection - give any detail from duration to checklist!

Update 2:

Can you answer the details of the question please?

Update 3:

I really want to know what to expect. What do they check?

This is the first loan I have got where they wanted to inspect the car. So it is my first time, although I have owned 7 cars in my life and refinanced two of them.

Update 4:

And who inspects? The banker? How long? Do they charge for this?

Update 5:

Again, I own the car. This is a refinance. There is no "buyer to protect"

7 Answers

Relevance
  • Delphine
    5 years ago

    1

    Source(s): Super Fast Car Loans - http://carloan.trustdd.com/?Zcvs
  • ?
    Lv 6
    6 years ago

    It's normal. I have had several car loans through my credit union and each time before they would issue the check they wanted to see the car first. They have a check list that they go by as they carefully look over the car. This protects them from making a loan on a piece of crap and it protects the buyer somewhat from buying a car they didn't realize had some type of issue. Don't worry about it. Very normal.

  • AlCapone
    Lv 7
    6 years ago

    Some do it, some don't do it. They just want to make sure the vehicle is not a junker and is worth the amount of the refinance. If not, you'll need some cash to do the refinance.

  • Anonymous
    6 years ago

    they just want to make sure the car is worth near the loan amount.

  • ?
    Lv 7
    6 years ago

    Absolutely. The financial institution wishes to determine whether the vehicle is within current market value. They are protecting themselves in securing a loan that is within the vehicle's current value.

  • Anonymous
    6 years ago

    Sure. They are buying the car on your behalf, shouldn't they be able to inspect it and determine if you have been truthful with them?

  • ?
    Lv 5
    6 years ago

    "G" nailed it - that's normal.

Still have questions? Get your answers by asking now.