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Can I refinance an auto loan and use it to make a purchase?

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Car Loan

I have a Capital One auto loan, I’ve paid on time and more than minimum for 19 months now. I’ve heard of the concept of re-financing a current loan and adding to it to purchase another vehicle–probably not ideal financially but maybe good for me. Does anyone have experience with this?
I share vehicle situation with my fiancee–we share the cost of the first car we’re paying, and we’re looking to add a second. Seems relevant based on answers.

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    Absolutely you can, you will find that getting deeper into debt is never a problem. Finance companies love your money.

    cimra - Sep 21, 2012 | Reply

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