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Can you have two loans on one car?
This is a discussion on Can you have two loans on one car? within the General Chat forums, part of the Main Category category; I am an Oregon resident and have a car loan on my vehicle through my credit union. Is it possible ...
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06-08-2008, 05:45 AM
| #1 |
| Junior Member Join Date: Jun 2008
Posts: 1
| I am an Oregon resident and have a car loan on my vehicle through my credit union. Is it possible for me to get another loan taken out on my car? I have a family emergency that I am needing a couple thousand for and this seems like my only option. |
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06-08-2008, 05:47 AM
| #2 |
| Junior Member Join Date: Jun 2008
Posts: 3
|  In theory, yes you can have a second lien on a car. In practice, this is a very high risk proposition for a lender and the value of your car after the first lien is probably not much. Try and refinance the car and get cash out. This is lower risk for the lender and you will only have one loan to pay. |
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