Overhaulin'

New Car Loan Vs. Refinance Car Loan Question?

Say i get a loan with a bank for a new car but use it to refinance my old car since the loan rate will be cheaper if i get the loan for a new car instead of a used or refinanced car loan.

Public Comments

1. Why don't you ask them what the repercussion's would be if you did that,
2. the loan would be denied
3. it doesn't work like that because the bank will need to know what type of vehicle you are financing. you can't just spend the money on something else. They will know because you need to provide a VIN.