auto
Interstate car deal won't pose problems
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Dear Terry,
I am looking to purchase an Acura RSX Type-S, and it is an out-of-state purchase. I'm currently located in Connecticut, but the deal will take place in New Jersey.
I am completely clueless about interstate private-party auto loans. Do they differ from other auto loans? Or will I need to apply for a personal loan?
-- Wil
Dear Wil,
There shouldn't be any difference between this sort of transaction and one with the dealer down the street.
I recently bought a car from a Massachusetts dealer even though I live in Florida. I made the deal, got a check from my bank for the amount I was going to finance, and gave it to the dealer when I picked the car up.
The dealer gave me temporary tags to drive home on and when I got back I went to the department of motor vehicles, paid my state taxes and got Florida tags.
Here are this week's reader questions:
- Car lots crammed with three model years
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- Can I buy my car with a credit card?
- How do interstate auto loans work?
If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car -- sign up for Bankrate's new weekend Car & Money newsletter.