Can you finance a car twice?

Question

I'll try to make this story short.

Basically I had a used vehicle sold out from under me after putting down a deposit. I am now in an agreement with another car dealership to buy their vehicle. To make the story more interesting

* I'm financed by my local bank, I have a letter stating this.

* The car dealership is out of state.

* We can only go look at the car on Saturday (closed on Sun. & hubby works out of town)

* I can sign the bank paperwork Monday at the earliest

The car dealership has told me that to leave with the car tomorrow they want me to fill out the financing paperwork through them and they won't run it UNLESS the financing at my bank doesn't work out.

Obviously you can't trust anyone in the car business (sorry, but was proven true).

The salesman told me you can't finance a vehicle twice. Is this true? I don't want them to run another finance deal if my bank loan goes through.

After all of this I think I should go on the Jerry Spring show!

Answer 1

with refinance option you can take advantage to take car loan, there are many online sources who provide car refinance loan for any credit situation, for your reference http://www.carloan123.net my one of friend had refinance his car loan from there and also with minimum rate of interest, you can try this source.

Answer 2

Isn't that like selling your soul twice?

Answer 3

All their doing is making sure that the financing is approved before they let you take it. If by chance your bank wouldn't approve it they are still covered. Have them call your bank for approval.

Answer 4

Yes, you can finance a vehicle, or at least run the credit on doing so, multiple times.  This is what most dealers do anyway, they take your credit information and then shot gun it into multiple lenders to see who will approve you.  But that's a very bad idea, since every 'inquiry' drops your credit score a bit.

Don't take the car without financing in place, and don't let them run your credit with bank financing in place.  Frankly I'd look elsewhere.