We went to our credit union to inquire about an auto loan, and we (my husband and I) got preapproved for a 18,000 auto loan (Well she said to aim at getting a car at 16K or less). I was wondering, can the loan cover two cars?Let's say we go to a dealership and find two cars, and we go below 14K (so it could cover TT&L) for two cars or so, can the bank finance two cars if we got preapproved for 18K?
I hope it makes sense.
2006-12-24 15:47:12 · 2 answers · asked by krivera_fierro 3 in Cars & Transportation ➔ Buying & Selling
No, Most lenders will only fund one loan if you are not established with them but all is not lost if you are needing to get 2 cars. $18,000.00 is not a lot of money so what I would do if I was you is keep the door open with your credit union to purchase one vehicle and go on line to either www.lendingtree.com or www.eloan.com and apply for a loan on line. Be very accurate because you information will be verified. Ask for a $10,000.00 loan on line or more if you need to. One thing to keep in mind with your credit union and most lenders is that they have vehicle criteria that need to be adhered to for example, the car may can not be over 5 years old and it may not be able to exceed so many miles. So when you get your packet make sure you read over the information thoroughly. Another thing to be concerned with is most on-line lenders will not let you open a loan with them for less than $7,500.00 so even though your loan with your credit union is $18,000.00 you can actually uses half and purchase a car (if you can find one in that price range and with your on-line check purchase another one. I hope that this helped you out. Good luck.
2006-12-24 16:41:47 · answer #1 · answered by A Dub 2 · 1⤊ 0⤋
1
2016-09-26 05:34:25 · answer #2 · answered by Valerie 3 · 0⤊ 0⤋
It depends on the circumstances surrounding this "pre-approval" notice. If you walked into a bank and filled out a loan application and they called you two days later and told you that you were pre-approved. You got the loan. They have approved you and they will then inform you of the amount of the loan that they will offer you. If a dealer told you this with just a few basic pieces of information or you got some sort of unsolicited letter in the mail then it's an empty promise. A marketing come on to get you to buy a car. It isn't a loan approval at all.
2016-05-23 05:04:35 · answer #3 · answered by Jean 4 · 0⤊ 0⤋
No,not unless you take out a personal loan.
2006-12-24 15:51:25 · answer #4 · answered by JACK OF TRADES 3 · 1⤊ 0⤋