I was talkin with someone and that person told me that it is not possible to get a loan from a bank or anywhere if you have two cars under your name and you are looking to buy the third one. Is that true? How is that possible though? if I want and I can afford to pay for my cars why cant I have 10 cars under my name?!!! (not exactly 10, just using an example here!!)
2006-06-20 09:39:28 · 4 answers · asked by whyareyoutryingtoreadmyid 1 in Business & Finance ➔ Credit
You can have as many cars as you want. I think what he meant was that if you own a few cars and you are looking for a loan, they may see your other cars as a liability to you being able to pay back your loan.
2006-06-20 09:43:17 · answer #1 · answered by teena9 6 · 0⤊ 0⤋
You can own as many cars as you like if you can pay the insurance, road tax etc.
I can not see how it should influence a bank's decision to give you a loan. If you have a good credit history and a good income the bank will be happy to give you more money. Maybe if you overdo it they may think that you can not pay for an extra car and stop you but I find it highly unlikely.
A close friend of mine has four cars and a loan for his house plus 3 credit cards. He always makes his payments and his credit cards are way bellow their limit. They are always happy to make business with him.
2006-06-20 09:46:29 · answer #2 · answered by Gke 3 · 0⤊ 0⤋
all loans are based on credit-capacity to pay --as well as the collateral- you could have a debt to income ratio problem that may stop you at some point. But legally you can buy as many as you want!
2006-06-20 09:45:54 · answer #3 · answered by golferwhoworks 7 · 0⤊ 0⤋
That person is very wrong. I have had over a dozen and still got a loan for more.
2006-06-20 09:45:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋