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Hi! This is our first car-buying experience so I have plenty of questions for all the experts out there.

My BF and I are currently shopping around for the best car loan deals because we don't want to go through financing with the dealership. We have both applied individually. Can we purchase the car with 2 loans (one from him, and one from me), or does the payment have to come from only one person?

Thank you.
 

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You can co-sign on a single loan. But no, I don't believe you can split it into two car loans like that.

You could however each get a line of credit/unsecured loan and then just pay for the car by check/cash. Those will be at a significantly higher interest rate though.
 

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I would have to concur w/ nouse4aname, co-sign a loan might be your best bet, Intrest rate wise. Personal loans a.k.a lines of credit have significantly higher interest rates. Now running about 12% nationally for the unsecured type. Home eguity is a option too, but you need a mortgage, unless you own a house free and clear. Good luck.

P.S. You might want to try Bankrate.com lot of info on different types of loans specific to your zip code.
 
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