Can you increase the amount of your loan after the funds have been disbursed?

"I just got a great price on a vehicle and bought it for less than its Blue Book value. I already got the check and gave it to the seller for the asking price.

A few days later, I decided that because my car is worth more and I got it on a discount, I can probably have more money to make some upgrades.

Can I ask for an increase of the loan amount after the funds have been disbursed?"

Answer
“Since the funds have already been disbursed, you cannot ask for an increase in the amount of the loan.
However, you can probably refinance the loan whenever you want. This means that you’d go through the application process again, but this time you can request more money or the actual cash value of the car. This is the only way to get extra funds.”
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Eric Schad
Answered on Jun 15, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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