2007-10-06 00:35:46 · 3 answers · asked by chorsey_2 2 in Business & Finance ➔ Credit
I'm not sure, we bought a new (used) car in June, and then in August we added a loan of $600 to it, for new tires. We go through the local credit union, I dont know if that will make A difference. All you can do is ask. Good Luck
2007-10-06 00:45:50 · answer #1 · answered by Leeanne 4 · 0⤊ 0⤋
no it is a secured loan. more than likely, you owe more on the car that it is worth. Only option is to go to another bank, credit union and apply for a loan to pay off the 1st loan, or best of all, live within your budget, pay off the car loan and live debt free. Think of living with out having to pay 10-30% interest on YOUR money. Been debt free for several years and it is great. If I cannot afford it, I save, collect the i nterest, and then pay cash. Delayed gratification it is called
2007-10-06 07:53:43 · answer #2 · answered by Anonymous · 0⤊ 0⤋
In theory they could but they won't. Reason is the vehicle is the collateral for the loan. If they add to it the loan is now worth more than the vehicle is worth and they might lose if you default. Therefore they will not do that. They will want either proof of greater income, less debt load, or other collateral or even all of that.
2007-10-06 07:48:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋