Buying Used Car then getting Bank Loan Question

[CRXican]

His score may be 750 but never having a significant loan means he may still be denied.

You can have a $500 limit credit card and have a 700+ score.

 

[alkemyst]

His score may be 750 but never having a significant loan means he may still be denied.

You can have a $500 limit credit card and have a 700+ score.

Actually working in the mortgage industry, young professionals were surprised their 700+ scores couldn't land them the best mortage terms.

 

[cerebusPu]

the banks wont be able to give you an auto loan for a car you already own. they will have to give you a personal loan at a higher interest rate.

you need to get an auto loan first. they give you a huge check for the exact amount, you pay the seller, get the car, and then you can pay back the loan on your own terms.

just call the bank and figure out the process so you and the seller can have paperwork ready for it.

if you do it the other way it will be much harder with less benefit and flexibility.

 

[CRXican]

You can certainly get a loan for a car you already own. The lender will be added as lien holder. You're taking cash out and they now have the vehicle as collateral.

Thank you, come again!