I would like to take out a loan to consolidate a lot of bills, but only have my car for collateral. It's worth about 3000 as a trade-in value, but can I get a loan for, say, 10,000 to 15,000 with only that as collateral? Will they just give me a higher interest rate? Thanks in advance!
2007-04-29 10:46:25 · 6 answers · asked by ARRR !!! 2 in Business & Finance ➔ Personal Finance
no you can't
and assume they can only get 40% value of the 3000k you list
and for them it's not enough value to loan against, as they must allow for towing ( repo ), lawyer fees, auction fees, and the value at auction ( much lower than your supposed 3000)
2007-04-29 13:02:59 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-26 06:36:19 · answer #2 · answered by ? 3 · 0⤊ 0⤋
I'm not an expert but what you can do is get a loan on your car and then take out a personal loan that does not require any collateral. Different banks will loan you different amount of money. The more money the high the interest rate so be careful
2007-04-29 10:57:06 · answer #3 · answered by T-Bone 2 · 0⤊ 0⤋
You are looking for an auto loan against your car title. They will loan you only what they think they can get for the car, on the event you default on the loan, and they have to repo the car. 70-80% max.is just a guess.
2007-04-29 10:59:54 · answer #4 · answered by tom 4 · 0⤊ 0⤋
If your lender has any smarts you won't be able to do that. Collateral is presented so the loan will be paid if you fail.
2007-04-29 10:57:05 · answer #5 · answered by DelK 7 · 0⤊ 0⤋
In some cases yes.
2007-05-02 07:17:01 · answer #6 · answered by Pepper 6 · 0⤊ 0⤋