Changing Approved used loan?

[Anonymous]

Hi,

Just got approved for a used car loan and i'm also considering gettign a new car.

 Would it be acceptable to use this loan to purchase a new car?

Would it be possible and best to ask them to switch it to a new car loan?

Thanks

[pizzadude]

Hi ! Welcome to the forums !!

I would recommend talking with your creditor as the terms for used car loans are generally not as good as new car loans ~ generally used cars are older/higher mileage/etc. and are riskier to lend money against.   You might be able to get a better interest rate, so give them a call to see what they can do.

[LS2982]

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@pizzadude wrote:

Hi ! Welcome to the forums !!

I would recommend talking with your creditor as the terms for used car loans are generally not as good as new car loans ~ generally used cars are older/higher mileage/etc. and are riskier to lend money against.   You might be able to get a better interest rate, so give them a call to see what they can do.

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