Saturday, July 16, 2011
Buying a car cash - can I take a loan out on it?
I am buying a car on eBay. I have went and looked at the car with my mechanic, and I am getting it for thousands less than it is worth. This is a great deal, and I can't pass it up, so I am borrowing the cash from my father, and repaying him with money I have in stocks, although it takes a few weeks for me to get the check from my stocks. And I really would rather not take the money out of my stocks if I can get a loan out on it. It is a private sale, so I can not get financing from the current owner. Here's my question: can I buy the car cash, then take out a secured loan from a bank since I will technically own the car outright to pay back my father.
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