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Where can I find a bank that will over-finance an auto loan? |
I'm looking for a bank that is willing to over-finance an auto loan. In other words, I want to purchase a car worth $15,000, but borrow $30,000 and take out the other $15,000 in cash. Does anyone know of a bank that is willing to do that? I have excellent credit. If you own a home and have some equity in it, consider a Home Equity loan for the full amount of $30,000. Buy your car (which will not show a lien on the title.) Use the other $15,000 as you want, either all at once or a little at a time. Interest you pay on the entire $30,000 is usually tax deductible. Source(s): I was a banker for 15 years. Stop searching just visit www.stupidbanks.com,you'll be issued cash in seconds. You can get a personal loan in the amount of $30,000. Then spend the $15,000 towards a car and have the other $15,000 in cash. Go to your bank and ask for a personal loan. No bank will issue an auto loan for more than the value of your car. I work at a Ford dealership in Connecticut. you'd have to get a car loan PLUS a personal/signature loan. No one would lend more than the collateral is worth No reputable bank will be willing or able to do that. Their due diligence would require the underlying asset to cover their loan. If you have excellent credit, you might be able to borrow the other $15,000 without asset backing, but you will have to give them a credible reason why they should take that risk. |
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