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Car loan question????
I need to know if you can take out a car loan for more than what you're spending on the car? Example, if the car+title+plates=$4000, but the car will need new tires in the near future or some parts replaced, can you take out an auto loan for $5000?
Thanks, and Merry Christmas (to those this won't offend),
Ryan
I will have a co-signer, my mom, who has co-signed for me previously. I don't need an estimate, I just wanted to know if it could be done...
1 Answer
- 1 decade agoFavorite Answer
You cant if the car is only $4000. they well not give you a price on the new tires.. but if he or she has a good credit , that well not be a problem.
Source(s): Thats not good.but if the credit is good and out standing thats good it well have auto loan on it.. - 1 decade ago
Depending on the bank, and the value of the vehicle. Some banks can finance up to 125% of the vehicle value. Ask the bank for the max they can finance the vehicle. When you apply though, mention that the purchase price is 5k.. not 4k.
They'll run the value, if it qualifies, you can get 5k.
- Anonymous1 decade ago
If you have perfect credit you will be lucky to only have to put 10% down.
If you have any dings on your credit you will have to put 20% down.
Nope you can't make a loan for over the amount.
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