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
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