I have a limited credit history but I want to buy a used car. The car is up for sale for ,400. I was looking up places to get a loan and I checked capital one since I already have a credit card through them. I researched their auto loans and the lowest amount they will loan out for an automobile is ,500. This means theres an extra ,100 that won?t go towards the vehicle. Is it against the law to use the extra money towards credit card debt and to pay my car insurance in full so that my only monthly payment I will have at all is the auto loan?
If it is legal, is it a bad credit decision or does it sound acceptable?
Also, once I own the new car, I will put my old car up for sale (worth over 00) and use that money plus my tax refunds and extra money coming from my financial aid to go towards the auto loan.
Bad? Okay? Any other ideas?
Source: http://autocarloansnow.com/a-question-about-an-auto-loan.html
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