Rep Power: 255

Hey guys...ive been thinkin long n hard bout gettin the new 06 civic n tradin in my 02...i have a question bout finances....i paid $11,900 for my car used with 19k miles but after everything else was added in like taxes n wutnot, i ended up paying like $15k....and now im on payments cuz i didnt put anything down for the car...

alright, my question is...do they allow you to borrow more money than u need??...this is what i wanted to do...say the car ended up costing me like $18K...well i want to take out $3k extra so i can play with the car n put all kinds of stuff on it...will the dealer allow me to do that??.....btw, getting a loan outside of the dealership is not an option....

 
Rep Power: 288

then no...if it is dealer they won't give you play money...


EDIT: Think about it....why would you buy a car....that comes with a 3/30k warranty...and try and get a loan from a dealership that won't touch the car (most of the time) if you mod it...the purpose of them selling the car is to make money...not give it away and hope you mod the car....


NOT Flaming just trying to explain myself....

 
Rep Power: 319

yea dealers wont give u more than u need...unless the one u get has factory options like aero kit, wheels, etc

 
Rep Power: 0

go with your own bank... my bank told me i could take up an extra 25% of the car's total worth when i bought mine, i would have done it too but i wanted to keep my payments down

 
Rep Power: 255

aight...well then screw the new car idea, lol...

So what if since im already on payments with the dealership...if i got a loan from another bank....how do u consolidate those two loans into one lump sum payment or is that possible??

 
Rep Power: 314

alright say u get 10 k out of your trade in, you still owe like 7 on the payments. then the car you wanna buy is 15k.

You do the 10 they give you minus the money you still owe which equals 3k. then you use the 3k on the 15k and your left with a loan of 12k to finance.

 
Rep Power: 255

well i understand that part, but, say i dont get a new car....i get a loan from a bank someplace so i can have fun with it or w/e...and i decide to consolidate that loan with what i owe from car payments....how does that work, like does the bank do that for me automatically if i ask for it or do i have to go someplace or are there some special requirements....

 
Rep Power: 291

Bottom line, don't buy stuff you can't afford. There's no shame in that.

 
Rep Power: 288

yea, always buy a something that you can either A)fully pay off at once B)pay off within 2 yrs(if its a car) C)atleast put a down payment of 25%-50% of the total value

this way you wont have to worry about insane interest fee's and ur credit being demolished. juss my .02

 
Rep Power: 0

what they do is check your credit, income, and how long you've been working at the place. when you want to refinance the loan through your bank, they'll first charge you about $50 or so (that's how much my credit union charges). then they'll find out how much you owe for the car, they'll write a check to your dealer and mail out the check to them. then the dealer will mail the title to the bank.

 
Rep Power: 360

if i dont have the money for it i dont buy it. simle as that