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?
- EvaLv 76 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.
- curtisports2Lv 76 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.
- Casey YLv 76 months ago
That's how they work...but banks don't make loans for beaters...
- DanielLv 76 months ago
Banks are not gonna Loan you the $$$$$ you can get a Loan but not through the Bank tho
- How do you think about the answers? You can sign in to vote the answer.
- MarkLv 56 months ago
If your credit is good enough, the bank may consider it.