Q&A: Can I borrow a small loan from a credit place where I have a car payment with?
Question by Jo-Jo: Can I borrow a small loan from a credit place where I have a car payment with?
In other words, I have a car and right now I had it financel from a place called Pioneer credit. I was thinking since I already had payments with them that maybe I can get small loan for christmas. Would they be able to give me a loan like that and would they be able to just add that amount I borrow on top of the total balance of my car payment?
Best answer:
Answer by SPIFIMAN1
Auto finance is what I do for a living and that is going to be totally up to your lender to decide.
But as long as you have had the loan long enough, have a good payment history, budget for the higher payment and most importantly have some equity in your vehicle, your chances are very good.
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Don’t do it. Do not borrow money to buy stuff you do not need to buy at Christmas.
its based on your income if you are able to take out the loan or not. They look at everything that you are paying just to make sure you are able to pay them back.