My dept to income ratio is at its limit. So I want to refinance my truck get lower payments and take that extra money I will have and purchace a cheap car to get me back and forth to work is it possible to put them both under one loan? Like a debt consolodation?
Can I purchase 2 vehicles under one loan?
I think it is possible but it depends on the financial insitution you go to. I work at a credit union, and we won't finance two vehicles on the same loan, unless it is two jetskis or snowmobiles.
Can I purchase 2 vehicles under one loan?
yes.
Can I purchase 2 vehicles under one loan?
With automobiles, you are limited by %26quot;Blue Book%26quot; value and condition of the automobiles. In order to borrow enough money to pay off the truck and buy another car, you would need enough collateral to sustain the new loan. Yes, you have to have money before you can borrow money---or at least collateral worth as much or more than the amount you borrow.
Is you truck not working at the moment? I was curious as to why you wouldn't drive your truck back and forth to work. I would suggest that you fix what's wrong with you truck, sell it, or use the truck as a trade-in for a car. That way, you may be able to pay off the truck and get the car under one loan. If your truck is completely paid off, then your debt-to-income ratio will be more in line.
Good luck.
Can I purchase 2 vehicles under one loan?
If you are that heavy in debt you had better re think your life. Think of all that interest you pay. Do you really need the truck. If not then get rid of it and then buy a cheap used car and pay off some of your debts. If the truck is for your business and needed then yes you can do this. if you are really over extended then you probably be refused. Tighten your belt as they say.
Can I purchase 2 vehicles under one loan?
maybe you should consider moving or car pool
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