Posted on: 29th Aug, 2013 02:03 am
I had two cars. I wanted to get rid of one of them so I sold one. Now can I use the proceeds for a condo down payment? How do I prove the whole thing to the lender?
The car was your personal property which you have sold off. You will be able to use the sale proceeds as your condo down payment. However, you will have to prove liquidation and paper trail all of the funds from the buyer's account into your account.
Welcome Nerdy,
Yes, you will be able to use car sale proceeds to pay the condo down payment. This is not a borrowed money so this won't be considered as a separate loan by the lender.
Yes, you will be able to use car sale proceeds to pay the condo down payment. This is not a borrowed money so this won't be considered as a separate loan by the lender.
This will certainly be considered as down payment and not as a loan. SInce you've sold off your first car and used the proceeds of the car to buy the second one. GO ahead!