Re: Can I get financing for a car?
08-01-2009 02:14 PM
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.
12/2012 - Discover (ICL 3,375 CLI to 5,375 05/2014)
12/2013 - Chase Freedom (ICL 3,500 ACLI to 4,500 07/2014)
03/2012 - Gander Mountain MC (WFNNB) 7,000 CL
04/2012 - Ace Rewards Visa (US Bank) 12,000 CL
Back to gardening for a year or two