Question : I want to get a cash loan, is this possible?
I have Bank of America, and I want to get a $7000 loan to buy a car. This is to pay the cash up front to the person I am buying it from. I currently have a credit score of 820, is it possible for the bank to loan you cash?
- asked by Clinton/Obama 08'
All Answers:
Answer #1
Yes, as long as your credit limit is not exceeded.Just use one of those checks they send with yourBank of America statement, make it out for $7,000,and deposit it into your account.
- answered by Suzy
Answer #2
It is possible, but inadvisable! Money borrowedfrom the bank as a "cash loan" usually costsseveral percentage points MORE than money borrowedas an "auto loan" secured against the car you arebuying.Why would you want to pay more than youneed to?
- answered by Thin Kaboudit
Answer #3
With a credit score of 820, you should be able toget the loan. Check with a couple banks to seewho will give you the best deal. Tell then it'sfor a car purchase. They'll probably make thecheck out to the seller.
- answered by Judy
Answer #4
Many lenders, banks in particular, deal in anysort of secured loan other than second mortgages.Other institutions deal almost exclusively insecured loans. Finance companies that deal insecured loans can be found in your phone book,newspaper, and increasingly, online.Shopand can get a good idea of what eachcan offer you in terms of interest and otherfinance charges and fees. Choose the best one foryour needs, and apply for the loan.
- answered by Proud G
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