Can You Get Two Different Loans to Buy One Car

hkjhkjhkjhkj Member Posts: 2
edited August 2015 in Mercedes-Benz
My question involves an auto loan or repossession in the State of: Texas

I am planning to buy a car worth 50K-52K and It will be putting 7-8K down. In a way, I need 44K of auto loan. I talked to my bank and credit union and they refused my loan of 44k and told me that they can give me 30K as of now (because of my credit history).

I want to know if I can apply for 30K at my credit union and then apply for rest of 14K at other bank to complete my 44K ?
Will it be legal?
Can you anticipate any issue with this approach and buying a car?

Also, I am married and my wife can also apply for second loan for me but it will be for same car.

Answers

  • texasestexases Member Posts: 9,703
    Legal, maybe, but no bank would do that if they knew about the other loan. Simple answer - get the 30k loan, add whatever you can for downpayment, that's the price you can afford.
  • kyfdxkyfdx Moderator Posts: 197,888
    texases said:

    Legal, maybe, but no bank would do that if they knew about the other loan. Simple answer - get the 30k loan, add whatever you can for downpayment, that's the price you can afford.

    I agree... no bank is going to assent to being the 2nd lienholder on a car.

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  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    I doubt it. The bank wants full ownership in case they need to recoup their money quickly. It's a lot easier to repo a house---they don't move around so much :)

    I'd stay within your credit limits.
  • hkjhkjhkjhkj Member Posts: 2
    thanks everyone for their suggestions.
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