Is It Possible to Get 2 Auto Loans to Buy One Car?

28. Jan, 2010 8 Comments

Say this bank is approving me only for 10,000 but the car is 15,000 can i take that 10 grand loan and get a separate 5000 loan from a different bank to pay for my car?

Questions & Answers
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8 Responses to “Is It Possible to Get 2 Auto Loans to Buy One Car?”

  1. zanilth1984 28. Jan, 2010 at 11:12 pm

    It is possible if you can get another loan without using the title as collateral. You cannot, however, split the title between two loans.

  2. windybrr 28. Jan, 2010 at 11:28 pm

    one car one can support one lien only.

  3. hootie 28. Jan, 2010 at 11:51 pm

    I don’t think you can… I mean what happens if you default on both loans… which lender would get the car? I don’t think any reputable lending agency would allow you to use one car as collateral on two different loans.

  4. Daniel C 29. Jan, 2010 at 12:49 am

    Doesnt’ work that way. When you get a car loan the lender holds the title and signs it over when you make the last payment. There’s only one title; it can’t be shared between institutions. You’d have to get a car note and then a personal note.

    Sounds like you can’t afford the car. Pitch your sights lower until you can come up with a few grand for a down payment.

  5. jade h 29. Jan, 2010 at 1:06 am

    There are many auto loan options available today. Today, stiff competition among auto loan financing companies

  6. emgrider51 29. Jan, 2010 at 1:42 am

    ya of course
    lebron james’s mom took out 2 loanes to pay for a hummer for her son

  7. mccoyblues 29. Jan, 2010 at 1:55 am

    The simple answer is no. If the bank is only approving you for $10,000 then buy a $10,000 car.

  8. Rene 29. Jan, 2010 at 2:55 am

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