is having a huge aount of collaterall as good as having good credit when trying to get?

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is having a huge aount of collaterall as good as having good credit when trying to get?

a loan and/or a new vehicle. if my credit is bad will i still be able to get loans if i own a huge amount of property

2007-09-09 14:44:43 · 2 answers · asked by ben b 1 in Business & Finance ➔ Personal Finance

2 answers

Maybe not as good, but it helps a lot. Bad credit increase the risk to the lender. Collateral reduces the risk. The greater the risk of loss to the lender, the lower your chances of getting a loan on reasonable terms. However, the lender doesn't want to repossess the collateral.

2007-09-09 14:56:50 · answer #1 · answered by STEVEN F 7 · 1⤊ 0⤋

Nope!

2007-09-09 14:58:07 · answer #2 · answered by Anonymous · 0⤊ 0⤋