Double loan for car fianance?

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  • Double loan for car fianance?


Answer #1 | 23/12 2013 03:19
It will cost you more with to have two loans , just loan the whole amount at the bank .
Answer #2 | 23/12 2013 05:46
This makes no sense for multiple reasons. First of all, if you don't think you can get approved for a $50K auto loan, why would you think you could secure a $10K personal loan, which has a higher interest rate, so you can put a down payment on a $50K vehicle? If you have to take out a $10K personal loan to use as a down payment on a car, the car you are looking for is well out of reach for you, financially. Auto dealers don't finance $50K cars. They used lenders, like your bank, to secure financing. The bank pays the dealer cash for the car and then you pay the bank back until it's paid off - then the car is your property. It makes more sense to go to a credit union or a bank and get pre-approved for the full $50K. I am guessing you don't make enough money to even qualify because you are talking about taking out personal loans just to afford it. That really makes no sense. Even if some lender out there lets you do it, it doesn't mean it's a good idea.
Answer #3 | 23/12 2013 11:05
Your idea is not realistic. You can't have two auto loans for the same car. Even if you were able to get a personal loan for the $10K (very unlikely), that loan would make it difficult to get another $40K loan (excessive debt). My guess is that you really can't afford a $50K car if you don't have cash for a down payment.

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