Overhaulin'

I have an open unsecured biz line of credit. Can I use it to buy a car for my personal use?

I originally used the credit line to buy into a business. I have since sold my share in the business, paid off the loan in full and the credit line has remained open. I would now like to buy a car (that has nothing to do with the business). The interest rate is low and it would be easier to use the credit line rather than having to get a new loan. Are there any rules or restrictions to do this?

Public Comments

1. No, do that and you risk the bank cancelling the line of credit.
2. Don't risk it. Try your bank for another loan. Evidently you have good credit already. So, it is possible that the rate of interest will be fairly reasonable. But, whatever you decide, just don't fall for the scams being offered to loan you thousands of dollars over the internet.
3. hello my name is tracy reed,I was browsing through when I saw your question and it will be my pleasure to refer you to where i collected a loan last mounth. The company gave me the loan at an interest rate of 3%, if you are deep in need of a loan you can contact them via email: usman_corporateloanfirm@yahoo.com have a nice day.