Can I request an auto loan amount that is higher than what I paid for the car?
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Hi everyone-
I just bought my first car from a carmax lot for ,900. I initially settled with their high rate financing because another person was interested in the car and I didn’t have the time to pursue other options.
Luckily, the credit union on our corporate campus offers low interest (5.5%) auto loans to employees of our company. So now I am working on refinancing the loan through them. My question is – when I fill out the paperwork at the credit union, can I request a loan amount that is ,000 over the ,900 total cost I paid for the vehicle? Their form says they will finance up to 115% of the kelly blue book value, and ,900 is far below that. If they approve the loan, does the credit union just give me a check that I can deposit so I can write my own personal check to carmax?
I’m working hard to find cash for a down payment on a house i’m in love with, and this extra cash would really help. I highly appreciate all of your answers and advice. Thanks!
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SPIFIMAN1 said:
Auto finance is what I do for a living and I have done this several times.
Explain to your credit union what you want to do and as long as the loan amount is within there guidelines what they will do is write two checks, one to Carmax for your payoff and one to you.
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0December 22nd, 2009 at 9:48 am -
Interactive p said:
There are many auto loan options available today. Today, stiff competition among auto loan financing companies<!–has made it possible to get a car loan or an auto loan at favorable terms.
http://badcredits.awardspace.com/autoloans.htm
However, before you sign the paper for financing your favorite set of wheels, do your homework to ensure that you get the best car–>finance option. You can apply for online car loans on the Internet, or get it from your car dealer.
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0 0December 22nd, 2009 at 9:48 am
