Frequent Contributor
bigtim
Posts: 359
Registered: ‎06-06-2009
Re: Can I get financing for a car?

Generally, you should be able to find financing, although you're probably going to pay a higher interest. As john mentions, DTI is important, also, the lender will be interested in the BOOK VALUE of the vehicle so that after you make your down payment, the difference between the loan amount and the vehicle isn't so great so that if you do default, the bank isn't out so much... In other words, if the value of a vehicle is only 15K, and you want to borrow 25K to buy it, the bank will likely decline the loan.

 

Check with the lender you paid the last loan through, they may be a good option. Good luck.

 

 

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