*Loan,banking and credit>>>auto loan

Can you use an auto loan to pay for a down payment on a vehicle?

3 weeks agoI cannot get the auto loan for the full amount because I don't have enough established credit. I currently drive a 2001 Black Honda Civic LX. My work (I work for Ford Motor Co.) gave me $7,000 for the vehicle and is selling me a 2006 Chevrolet Cobalt LT for $13,000. I am only approved for $13,000 and thats with a cosigner with EXCELLENT credit. She won't loan me the $1,200 for the downpayment (Tax, title, license) because she is about to retire and she also says that if I want it I need to do it on my own. I'm 18, and make around $700 a month. I have a new job that I start in two weeks making $1200-1500 a month, so I can afford the new vehicle, just getting the downpayment is tough at the moment. Any suggestions?

3 weeks agoBought the vehicle.... problem solved.... and to the guy who was all save for a condo... learn to read first.. im not in college, and my honda has been nothin but problems.
correct me if I'm wrong but if you have the auto loan why not just use it to pay for the whole vehicle. the down payment is an interest rate catch. the more you pay for the car the less the bank has to put up for the vehicle and the better the return the bank will get if you don't make your payments. if you put nothing down and miss payments then the only money they will get if off of interest on the loan. so they sock you with it. the 10% down bit is becaue your car value drops about 10% by the time you get it off the lot. so the banks are trying to cover that.
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