Hello, I have a pontiac g6 coupe 06. I bought it last year, Sept 06. It worth 21,000, however I still have payments on the car. I believe I owe like 18,000 on the car loan. Oh and I have bad credit, Will I still be able to get a sustantial loan if I use my car as collateral?
2006-11-09 17:10:31 · 3 answers · asked by winstarr1 1 in Business & Finance ➔ Credit
LOL.
You can not pledge an ASSET you do not own.
You don't have the TITLE to the car. The car finance company has the title to the car, thus the car finance company owns the car.
You have POSSESSION of the car until you pay the car loan in full, When you pay off the car loan in full, you will receive the car title from the finance company,. Upon receipt of the car title, you will officially own the vehicle and can pledge it as collateral on a personal loan.
Good luck.
2006-11-10 19:16:26 · answer #1 · answered by DaMan 5 · 0⤊ 0⤋
sure you are able to. visit a credit union or financial company, preferrably one the place you have already got an account. Take the call with you. you'll have an concept of ways long of a era you choose to pay off the own loan. Have a compensation plan in innovations. you will ought to have a source of earnings. in any different case, no person provides you with the form of non-public loan which you're able to desire. when you consider which you have weak credit, you would be charged a greater value of interest, offered you do have a source of earnings. That greater interest value could be 10 - 12 p.c.. in case you do not have a source of earnings, do not attempt to get a private loan. The finance corporation provides you with a private loan at an outrageous interest value and then come beating on your door once you won't be able to make the fee and that they are going to take the vehicle from you and you would be left with a million/2 of what this is well worth whilst they take their interest and series costs from you. have you ever seen figuring out to purchase and merchandising in the vehicle for something at a million/2 of this is fee? then you definately could walk away with $10,000 and a automobile well worth $10,000. not something incorrect with that. ok, enable's say you get a private loan at 10 p.c. interest for the $5,000 you mentioned you needed and you have adequate earnings so which you get the own loan from a financial company or credit union: your month-to-month fee for a 4 3 hundred and sixty 5 days own loan would be $127.00. i'm hoping it is something you have adequate funds. do not visit a finance corporation. in case you won't be able to get the 40 8 month own loan from a financial company or credit union you will get ripped off by ability of a corporation that is familiar with you're in worry and is going to take further income of you. sell your automobile if it is so and by ability of an low-priced one. you would be happier in the long-term.
2016-10-21 14:07:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
you can't use the car as collateral because you have a lienholder on the car.
2006-11-09 17:14:25 · answer #3 · answered by justcurious 5 · 0⤊ 0⤋