Car loan question for buying private vehicle?

Answers:1   |   LastUpdateAt:2012-10-06 21:00:02  

Question
piyush
Asked at 2012-09-25 00:54:04
I am indebted to a vehicle at the time I bought the car in cash (full amount ) and still pay about $ 9000 worth AU if I sell it now . MedlinePlus MedlinePlus I would get a 2nd hand car private , which is about $ 20K and that means I have to get around $ 11,000 car loan. However, I want to sell my car when I'm looking for one , because I have still my car and public transport is not great in my area . MedlinePlus MedlinePlus Is there any car financing can allow the customer a loan of $ 20k , and once to sell my old car and get $ 9,000 cash , the loan will become $ 11,000 and pay the interest on the $ 11,000 + in a database 4 years ? MedlinePlus MedlinePlus Or still I have to pay all the interest calculated from the initial loan of $ 20,000 ? I know some financial penalty would ask if the customer pays the money before the proposed timetable . MedlinePlus MedlinePlus What is the best solution for this? MedlinePlus MedlinePlus
Answer1forkiAnswered at 2012-10-06 20:59:16
Car loans are simple interest , so if paid off early then it is actions that will reduce the interest . there is no penalty unless a lease. since it is sure to have excellent credit, like 720 or higher. If not you will not get a credit line 20,000.00. If you own a house to get a home equity loan .
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