I need a $2500 loan quickly but I cant get approved through my bank or credit union because I have only been on my job for 2 months. So is there like some kind of tilte loan i can get or something like that even though i dont hold my title, my bank does. What kind of loan can i get using my car as collateral because thats all i have to use for collateral. I have a job and i know i can just save up the money, but i need it rather quickly. So responses other than get a job would be nice :)
2007-09-05 13:02:03 · 7 answers · asked by derrick s 1 in Business & Finance ➔ Personal Finance
No title, no car loan. I don't care who tells you different, even the lender. If you can't put up the title, you are NOT getting a loan secured by the car. You MAY get a personally loan with a lien against any equity you have in the car, but the rates will be for an UNSECURED loan.
You said responses other that 'get a job' would be nice. OK, GET A SECOND JOB. Delivering pizza is working well for me.
2007-09-05 14:28:44 · answer #1 · answered by STEVEN F 7 · 1⤊ 0⤋
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2016-09-26 19:08:43 · answer #2 · answered by ? 3 · 0⤊ 0⤋
You can take a loan out against your car, however, the interest on a loan of that nature usually runs about 96%. Meaning on a $2500 loan, you will pay about $7500 by the end of the loan. Make sure you get a loan with no Early Payment penalties. So you can pay it off before you get screwed in interest. Loans like this should be reserved for temporary liquidity issues, and should not be made with the intent of letting the full term of the loan pass. You should be able to pay it off in a few months, if not, seek other options.
2007-09-05 13:15:40 · answer #3 · answered by Marc 1 · 0⤊ 0⤋
I was a dealer for 15+ years. Nearly all dealers sell cars without the title in hand at times. Theres nothing illegal about it (Despite what some posters think) Typically, it takes 3-6 weeks from when the dealer sends in a title application before the new title comes back to you. I cant see how you don't have the car. In my and most states,the dealer sells the car, the buyer GETS the car and the title comes later. Ive waited up to 4 months to get a title and the buyer didn't get it for about 5.5 months. Nothing illegal about that. It happens. You should not have paid for a car you couldn't get that day.
2016-04-03 05:33:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If your bank already has a lein on your car title, you won't be able to use that as collateral.
If you need the $2500 so bad, figure out some other way to raise the money. Have a garage sale, get a second job, pawn the jewelry and big screen TV....
You may have to wait on whatever you want that costs $2500.
2007-09-05 13:23:28 · answer #5 · answered by bdancer222 7 · 1⤊ 0⤋
To Marc: This is the same person, how would i go about doing that, like where do I go? Titlemax or something?
2007-09-05 13:28:28 · answer #6 · answered by angoradm2005 1 · 0⤊ 1⤋
as eager as you are you are not going to listen to any good advise so i will give you some bad advise -- seek out a pay day lender!!!
2007-09-05 13:20:31 · answer #7 · answered by Anonymous · 0⤊ 1⤋