@sobreezy wrote:
I was approved for an 8500 auto loan through USAA and asked the local "auto lawyers" if I could take that and use it as a down payment for a vehicle and then finance the rest of the vehicle thru the dealer? I was told yes & no. So my dillema is that my credit was good enough to get a car but I didn't have a big enough DP. SO can you have multiple loans on one car? Will dealer even go for it?
No, you really cannot have multiple loans on a car (for the most part)
Car loans are collateralized loans, which means that in exchange for both financing and a decent interest rate the lender keeps the title of the car for the duration you make payments, and releases it to you on final payment.
2 companies cannot/willnot hold the title to the same car. Who would get the vehicle when you dont pay? or suffer the loss when the auction only recoups part of the vehicle owed amount.
the "for the most part"- yuo can take out a seperate unsecured loan and use that in the deal. That would be a credit card or line of credit or something to that effect.
