Anonymous
Anonymous asked in Business & FinanceCredit · 6 months ago

Do autoloans work like this?

Some guy is posting a car on barter junkies on facebook for $2500 but I dont have that much. Can I get a loan from the bank in that amount, buy the car, and pay back the bank?

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  • Eva
    Lv 7
    6 months ago

    The car would have to be worth at least $2500 as valued by the bank. You can check prices on kbb.com or Edmunds to see if it would appraise close to that. You need to have a steady job, enough income, and a good credit score to get a loan.

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  • 6 months ago

    Enter into a written contract with the guy, subject to getting financing. That language must be in the contract, that if you are denied financing, the contract is dead. If you don't, the guy can sue you for breach of contract.

    Once you have made such a deal with the seller, then apply for a car loan. If you have $500 or more for a down payment, your chances improve. You will not get 100% financing no matter how good your credit is.

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  • 6 months ago

    That's how they work...but banks don't make loans for beaters...

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  • Daniel
    Lv 7
    6 months ago

    Banks are not gonna Loan you the $$$$$ you can get a Loan but not through the Bank tho

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  • Mark
    Lv 5
    6 months ago

    If your credit is good enough, the bank may consider it.

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