Can I take out a "used car" loan if I currently have a personal loan out?

I'm looking to buy a 07' cobalt, its $13,500, but I don't know if my bank would issue me another loan? I currently owe around $500 on the personal loan. Should I try to finance through the dealer or my bank? I know if I do finance through the dealer my chances of "talking down" will not be as good...(KBB valued the car at $11,905.00, I was going to offer $11,995.00)|||financing and talking down should not be combined in your consideration for finding the best deal for a car. Sometimes getting the best deal involves shopping around at different dealerships to find one that is willing to sell to you for the price you are willing to pay. Trying using cars.com to get quotes from several dealerships for the exact car you want. they will either email or call you and provide you quotes for that car and confirm stock so you can negotiate and find the rock bottom price before you even walk into the dealership.... The only problem you might run into is that you seem to have limited credit history which means lower credit score and ultimately higher loan interest rates. You might have to consider having a co-signer as the bank might not even qualify you for a loan.





I would recommend getting a pre-approval for a loan at your bank for 15k or whatever the final cost of the car you want to buy, then take that to the dealer and let them know you have financing but want to see if they can beat that offer you got from the bank. let them know you got 8.5% interest and to see if they can beat that for example. they will check with several banks to see if they can obtain the best financing deal. This will be all contigent on your being credit worthy enough to get a loan but this is a good track. good luck!





also on a personal note, consider a new hyundai elantra, it will be $12500 after $1000 dealer incentives and has greater reliability and overall features. I think they also offer new graduate incentive ($400) too plus it has long warranty and other things that you might appreciate in the long run...|||Talk to your bank first. It will depend on your credit score, your previous credits, the length of your credit history, and factors relating to that. There is a chance though. If the bank denies you, you do have a better chance through a dealership. Good luck|||yes...IF you have good credit...i have a 15K loan out [personal unsecured] and 2 car loans..at same time....it always helps to have some cash to put down on car..|||Stick to your guns. I would start at 11,000. Those cars are a dime/dozen!