Say this bank is approving me only for 10,000 but the car is 15,000 can i take that 10 grand loan and get a separate 5000 loan from another bank to pay for my car?
2007-08-21 07:30:26 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
Auto finance is what I do for a living and OC1999 is correct.
Your best bet would be to take the loan for $10,000.00 and then get another unsecured loan for the other $5,000.00 from your own bank.
Additional information. Loan to value is a huge part of auto loans. If the maximum amount the first bank is willing to loan is $10,000.00 and the dealer is asking $15,000.00 there is a very large chance that the dealer is overpricing the car.
And just so you will know I get people approved for 100% ffinancing every day so it is available.
2007-08-21 07:55:20 · answer #1 · answered by ? 7 · 0⤊ 0⤋
1
2016-09-26 19:58:56 · answer #2 · answered by ? 3 · 0⤊ 0⤋
I agree with the other answers posted. You will not be able to get two loans for the same piece of collateral. Additionally, if you need all this extra money that the bank won't give you, it's a hint that you are overstretching your budget by way too much! Consider a cheaper car and start saving the difference so in the future you don't run into this...otherwise you will find yourself in a neverending cycle of debt. You're only paying the bankers salaries when you don't use cash.
2007-08-21 08:14:08 · answer #3 · answered by CSUflyer 3 · 0⤊ 0⤋
You can not get 2 "auto" loans for one car. Auto loans are secured by the title to the car and you can't split that between two lenders. If you have good credit and income you might be able to get the "auto" loan for $10,000 and a separate "unsecured" loan for $5,000.
But you do have to ask yourself, do you really NEED that $15,000 car, and are you going to be able to keep up with the payments.
2007-08-21 07:44:26 · answer #4 · answered by OC1999 7 · 1⤊ 0⤋
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Do not send money UpFront via Western Union or MoneyGram to any person
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2007-08-21 08:00:03 · answer #5 · answered by John Loves Jenn 4 · 0⤊ 0⤋
very doubtful
the second bank's credit search will turn up results very similar to the 1st bank's search and they likely want all the same borrowers as customers.
the secondary finance companies would be more likely to make you a loan for more like 12k, although the interest rate will be higher.
100% loans on cars just don't happen ... you have to have a reasonable down payment because the car's value drops as soon as you drive it home.
oh
2007-08-21 07:38:34 · answer #6 · answered by Spock (rhp) 7 · 0⤊ 1⤋
Honestly, if you need two loans then you're buying too much car.
2007-08-21 07:39:27 · answer #7 · answered by JB 6 · 2⤊ 0⤋
Honestly I would try for a cheaper car..
But the other answers seem correct.
2007-08-21 08:20:21 · answer #8 · answered by Stefanie B 4 · 1⤊ 0⤋
Visit this site so you can find the best rates: LOANHUNTER.NET
2014-05-08 04:48:38 · answer #9 · answered by Anonymous · 0⤊ 0⤋