???car Loan Question???

[wantaLS1]

so, i have a fairly simple question, or atleast i hope so. If i get a car loan through USAA for 15,000 and buy a car for only 12...can i use the extra 3,000 for mods?? or is there some catch to it? thanks a lot

[35thAnniZ28]

just pay em back..from what i know about loan companys

[JwMonE99]

Yea, they will never know what you did, aslong as you bought a car, and now you need to pay them back. If you are already approved and you got the money you can do whatever you want with it.
They are just happy to get you on the interests rates

[Hot Black Trans-Am]

I've done that before. I even told some banks I wanted extra over the price of the car and they were fine with it.

[zggill04]

Guy just bought my car tuesday, used Navy Federal got a 6k dollar loan, I went up to the cashier, cashed my 4500 for the car and handed him the other 1500 right in front of the lady, they don't care as long as they get their money back.

[35thAnniZ28]

try not missing payments..causes stress

[wantaLS1]

didnt think that it would be a problem. now ive got to decide whether to find an 02 z28 for around 12 and spend 3,000 on mods, or find an ss for 15 (or under).

[Nightops]

The only issues you will have are in how much the bank or finance company is willing to loan on a given vehicle. You as a borrower may be approved for a $15k loan, but they may have a problem with a $15k loan secured by a $12k car. But as long as they are willing to secure the loan with that vehicle and they get the title, they really don't care where the money goes.

[sgt0704]

the deal is you have to get the money in your account. like navy fed will do a pre approval, and you can tell them you're looking.. so they'll give you a check for $xx,xxx and you put it in your account. then you buy the car you want for $xx,xxx. then what's left over is what you use. sometimes they'll give you a blank cashier's check too. but you'll want the cash in your account..

again, tell them you're not sure, and you're still looking.. and if you use navy fed, and they ask how you rate your credit, you always say excellent, or what ever the top choice is. it'll net you a lower intrest rate.

[wantaLS1]

thanks fr all the advice, that would kick ass if i could have an extra couple grand right when i get the car! im thinking lt headers, ory, elec cutout, slp loudmouth 2, sfc, and the rest is up in the air! again, thanks.

[MYSCZ06]

im thinking lt headers, ory, elec cutout, slp loudmouth 2

Like loud cars huh...lol Good place to look is on Ls1tech.com lots of f-bods for sale..my roomie has a 2001 TA listed in there do a search for 2001 Trans Am Ws6 the car is sick mods list longer than your arm for the price cant go wrong either way good luck!!

[SeVeReDiStOrTiOn]

so, i have a fairly simple question, or atleast i hope so. If i get a car loan through USAA for 15,000 and buy a car for only 12...can i use the extra 3,000 for mods?? or is there some catch to it? thanks a lot

I'm not sure about USAA but most banks/credit unions won't allow that. If you walk in there and say I want a auto loan for 15k but don't have a actual car in mind yet they'll tell you one of two things...either continue shopping and in the mean time they'll run your credit or apply for a personal loan.

With a personal loan you'll have higher rates and it's harder to get approved for because the bank doesn't have any collateral to make sure you pay the payments. You'll pay a lot more per month but you'll have 15k in the bank.

With a auto loan the bank/credit union will want to know everything about the vehicle (make, model, VIN, etc)...and most won't finance it if the vehicle doesn't have a clean title or if the asking price is too high for that vehicle (used cars). In my state the bank will hold the title but i've heard if varies from state to state.