2007-05-29 04:40:52 · 8 answers · asked by dan_mollister 1 in Business & Finance ➔ Personal Finance
Look at it from the bank's position. Lets say they give you the loan, you buy the truck, and then you don't make a single payment and they have to repossess. Now they have a truck that is worth only $4000 (in their eyes at least) to cover a $12,000 debt. Not good for the bank.
Now if you could prove that the truck is worth more somehow then maybe you can get them to go for it. I don't know what you would use to value the truck that the bank would accept.
Next up is getting something else to back up the loan. Perhaps take out an equity loan if you have a house. That way the bank has something to back up the loan in case you default. Getting a co-signer is another idea.
I don't think it is impossible to find a bank willing to give you a loan. It probably depends on a lot of other factors such as your credit history, your history with the bank, your income, how much do you have with the bank and so forth. There are lots of people out there willing to loan money to anyone with a pulse though. If you look and check with a lot of banks or other lending institutions you may be able to find someone.
2007-05-29 04:47:55 · answer #1 · answered by A.Mercer 7 · 0⤊ 0⤋
A bank will not give you an auto loan for that much. You would have to get a personal line of credit or personal loan. Most lenders will give you over what the car is worth, plus tax, title, licensing, service contract, and GAP. Most I have worked with will do about 100% of retail +++. + meaning all those things I mentioned, on a used car, but 110% or more sometimes on a new car. What you are looking for is probably not going to happen though.
Sorry, and Good Luck!
2007-05-29 12:59:44 · answer #2 · answered by Kali's Mom 5 · 0⤊ 0⤋
Why in the world would they?
If you have good credit you may be able to get a personal loan for that amount.
2007-05-29 11:48:27 · answer #3 · answered by ablair67 4 · 0⤊ 0⤋
No way. They won't give you the loan if the truck is even older than 8 years.
2007-05-29 11:48:00 · answer #4 · answered by Argyles 4 · 0⤊ 1⤋
No..not using the truck as the collateral..Only if your credit is such to warrant an unsecured loan for that amount.
2007-05-29 11:48:26 · answer #5 · answered by Junior 4 · 0⤊ 0⤋
I doubt it. Would you loan someone that much money knowing you could only repossess $4000 if they default?
2007-06-02 02:17:49 · answer #6 · answered by Lisa 4 · 0⤊ 0⤋
Would you, if you were the bank?
2007-05-29 16:53:39 · answer #7 · answered by John H 2 · 0⤊ 0⤋
no
2007-05-29 11:43:11 · answer #8 · answered by JB 1 · 0⤊ 0⤋