Whether you deal with an online lending network, a dealership’s finance team, a bank, or a credit union, the process of finalizing a new or used car loan is the same. Once you apply for the loan, you may receive a prequalifying loan term. This will tell you how much of an auto loan you qualify for so you can narrow down your vehicle search and stay within your allotted budget. If you decide to skip prequalifying, you can apply online and shop through a virtual vehicle inventory or you can apply for a loan directly at the dealership. Once your loan is approved, you will begin filling out the loan paperwork as well as the documents needed to place the car in your name. This typically takes around one hour to complete. During this process, you will have to sign your name a lot. That is why it is important to understand everything you are agreeing to. This paperwork will include: The Buyer’s Order: This is the first stack of papers you will encounter. It is a summary of your agreement to purchase the car — including the agreed-upon price and any other details you negotiated. The Bill of Sale: This is your official sales contract. Once you sign it, you are legally bound to the deal. This records all of the necessary information, including the vehicle type, make, model, year, color, and mileage. It will also include the buyer and seller’s contact information, the purchase price, the date, and both of your signatures. Your New Car Title: Once you sign this, the car is officially yours. This is the paperwork you will use to register your new car at the DMV.