Question by Sean: Could you take a auto loan for more than what the purchase price is?
I’m looking for a auto loan for no credit and first time buyers but all I see is that the minimum has to be $ 7500 but I only need $ 6000 could I take out $ 7500 and just turn around and give them back the $ 1500?
Best answer:
Answer by Vakari
It doesn’t really work that way. All the car loans I’ve seen require your purchase price to be within a certain window. ($ 8,000-20,000 for example). You cannot use the check if the purchase price is less than that amount. Also, generally, you cannot buy a car for more than 20% over the blue book price.
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