I'm looking for a bank that is willing to over-finance an auto loan. In other words, I want to purchase a car worth $15,000, but borrow $30,000 and take out the other $15,000 in cash. Does anyone know of a bank that is willing to do that? I have excellent credit.
2006-09-16 06:19:54 · 11 answers · asked by ad5000 1 in Business & Finance ➔ Personal Finance
If you own a home and have some equity in it, consider a Home Equity loan for the full amount of $30,000. Buy your car (which will not show a lien on the title.) Use the other $15,000 as you want, either all at once or a little at a time. Interest you pay on the entire $30,000 is usually tax deductible.
2006-09-18 02:28:45 · answer #1 · answered by paleblueshoe 4 · 0⤊ 0⤋
1
2016-09-28 14:28:42 · answer #2 · answered by ? 3 · 0⤊ 0⤋
You can get a personal loan in the amount of $30,000. Then spend the $15,000 towards a car and have the other $15,000 in cash. Go to your bank and ask for a personal loan. No bank will issue an auto loan for more than the value of your car.
2006-09-16 06:28:13 · answer #3 · answered by jshepard17 5 · 1⤊ 0⤋
no one is going to do something stupid like that. As a matter of fact, you won't find a bank that will finance more than 80 percent, so $12k on a 15k loan. Some auto companies are hurting so bad they'll over finance the amount owing on your trade in, but you'll end up taking it in the shorts for that.
2006-09-16 06:33:10 · answer #4 · answered by ceprn 6 · 0⤊ 0⤋
No reputable bank will be willing or able to do that. Their due diligence would require the underlying asset to cover their loan. If you have excellent credit, you might be able to borrow the other $15,000 without asset backing, but you will have to give them a credible reason why they should take that risk.
2006-09-16 06:29:32 · answer #5 · answered by united9198 7 · 1⤊ 0⤋
I am sure you will find this site very useful: http://www.IMMEDIATELOAN.NET
RE:Where can I find a bank that will over-finance an auto loan?
2014-07-25 01:53:09 · answer #6 · answered by Anonymous · 1⤊ 0⤋
you'd have to get a car loan PLUS a personal/signature loan. No one would lend more than the collateral is worth
2006-09-16 06:28:16 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Get free rates
2015-01-28 08:30:59 · answer #8 · answered by Cristal 1 · 0⤊ 0⤋
THEY DO NOT PERIOD . YOU WILL NEED ANOTHER SCAM BUDDY CAUSE A BANK CAN ONLY LEND UP TO THE VALUE OF THE VEHICLE .
2006-09-16 11:18:47 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Stop searching just visit www.stupidbanks.com,you'll be issued cash in seconds.
2006-09-16 06:25:28 · answer #10 · answered by Ramesses V 3 · 0⤊ 1⤋