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New Member
Posts: 4
Registered: ‎07-01-2014
0

banks and auto loans

So I was recently pure approved for a 3000 dollar auto loan from my bank I'm thinking that's not going to work. So I was wondering could I use that 3000 as a down payment to get financed by someone else...
I'm so totally new to auto loans and financing...
Valued Contributor
Posts: 1,288
Registered: ‎02-12-2014
0

Re: banks and auto loans

Did they offer you an auto loan (which must be secured by a car title) or a personal loan? If a personal loan,  sure you can use it as a down payment. If they require that they be on the car's title, then no.

 

Honestly seems like a super low approval. Mind filling this out for me so I can see what's going on and offer suggestions on other places you can apply to?

 

Credit Score:

AAoA:

# of positive trade lines:

# of negative trade lines:

Pre-Tax Monthly Income:

Lenght of Employment:

Previous Loan Experience:

Monthly rent/mortgage:

Aggregate minimum monthly payments on credit cards:

Any other debt other than the rent/mortgage and credit cards:

Year of Car:

Miles:

Purchase/Refinance:

Requested loan term (XX Months):

Down payment amount:

Co-borrower/Co-Signer:

Other:

As I am very busy with work these days, I am participating in the forums less than I would like to. Please feel free to email me directly remembermyfico //at// gmail /dot/ com if you would like me to respond to a specific question you have.
New Member
Posts: 4
Registered: ‎07-01-2014
0

Re: banks and auto loans

 
New Member
Posts: 4
Registered: ‎07-01-2014
0

Re: banks and auto loans


Credit Score: 580

AAoA: 2yrs

# of positive trade lines: 7

# of negative trade lines: 3

Pre-Tax Monthly Income: 2000

Lenght of Employment:
unemployed/disabled

Previous Loan Experience: yes

Monthly rent/mortgage: 0

Aggregate minimum monthly payments on credit cards: $30.00

Any other debt other than the rent/mortgage and credit cards:10k student loan

Year of Car: 2006

Miles: 93021

Purchase/Refinance: purchase

Requested loan term (XX Months): 60

Down payment amount: 0

Co-borrower/Co-Signer: no

Other:
New Member
Posts: 4
Registered: ‎07-01-2014
0

Re: banks and auto loans

Help please help
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