i am trying to buy a car they are asking for a larger downpayment. is it possible to take out a loan fo rthe downpayment with another institution and still get the auto loan. Do lenders see how many loans i have out?
2006-12-07 02:09:29 · 6 answers · asked by Setana 2 in Business & Finance ➔ Credit
Yes lenders see how many loans you have out.
I would suggest you go and join a credit union (not a bank) and open a checking account. Then apply for your car loan at the credit union.
Much lower interest and they will work with you. Car dealers make a TON of money from the high interest rates and down payments they get from people like you.
Then you can go to ANY car dealer and make your own deal. Not theirs.
Repeat after me, "the car dealer is NOT my friend".... ; )
2006-12-07 02:20:35 · answer #1 · answered by Gem 7 · 0⤊ 0⤋
I hate to break it to you, but yes, anytime your credit is pulled they will see it. Most likely they will assume you cannot afford the car since you are attempting to take out another loan for the down payment. I would look for other ways to come up with the money, or look for a cheaper automobile with less of a down payment. Definitely DO NOT take out another loan just to put down on a car.
2006-12-07 10:21:58 · answer #2 · answered by Kevin K 3 · 0⤊ 0⤋
If they want you to buy the car bad enough they will work with you. tell them you don't want to make a down payment and want everything worked into the note that you have. When I bought my Mazda 6 that's how I did it...paid nothing down...not even TT&L. Your business is worth something to them and let them know if they don't want to help you that you will take your business elsewhere. And yes, they can see all the lines of credit you have...on your credit report.
2006-12-07 10:51:26 · answer #3 · answered by HoneyBee 4 · 0⤊ 0⤋
Dont go there.
It really is not worth the worry. Cars especially devalue to nothing in no time and you are still left paying.
BTW : I had an S class Merc rear ended on my first day of ownership.....They look good but sooooooo easy to spoil it for you.
2006-12-07 10:21:04 · answer #4 · answered by philip_jones2003 5 · 0⤊ 0⤋
Yes, they will see it. You can take out a loan, but likely it will be a hard money loan.
2006-12-07 10:17:46 · answer #5 · answered by Anonymous · 0⤊ 0⤋
trust me do the down payment cause then they will hassle you until you pay the loan off and if it's not on time trust me intrest can be a big B****
2006-12-07 10:15:41 · answer #6 · answered by kevin s 1 · 0⤊ 0⤋