My credit card interest rate jumped beyond what auto loans finance at. IF the titles are with me can I take an auto loan on the cars and use that amount to pay off credit card debt that was incurred at a higher interest rate.
2007-09-27 03:52:37 · 4 answers · asked by searching High and Low 1 in Business & Finance ➔ Credit
Sure, credit cards are unsecured debt.
Try your own bank or credit union to get the best rate.
2007-09-27 04:00:24 · answer #1 · answered by ? 7 · 4⤊ 0⤋
If your FICO score is any good, then that is a great idea. As the others said, the credit card companies have no idea what you used the money for, and as far as the rest of the world knows, your car is free and clear of any debt. Best idea is to go to a credit union, where they work for the members and not for the ceo.
Check it out, as they have just as many services as the banks have, and you can go to any other member credit union and use your ATM card to withdraw or usually deposit without any additional fees anywhere in the nation.
Also with the credit union, if you need more than the alloted $200 a day, you call them and tell them how much you need, and then go to a credit union ATM, and you can get it right there.
2007-09-27 05:16:33 · answer #2 · answered by Steveo 5 · 1⤊ 0⤋
Yes you can take a loan against the car. The credit card is unsecured debt.
But you offer a pretty good example of why financing a car with credit cards isn't such a good idea.
2007-09-27 03:57:47 · answer #3 · answered by bdancer222 7 · 2⤊ 0⤋
why would you want to go from a unsecured loan to a secured loan, just try to lower your interest rates via the credit card companys before doing anything like that, its your car keep it that way.
2007-09-27 05:01:49 · answer #4 · answered by Anonymous · 0⤊ 1⤋
No they can't take what she doesn't own and she doesn't own the car. Chase already has a lien on the car until the final payment is made. You need to work quickly to get that car into your own name. Once it's paid for they could try and take it.
2016-05-19 23:14:23 · answer #5 · answered by ? 3 · 0⤊ 1⤋
Sure can; it's called a secured loan.
2007-09-27 04:03:55 · answer #6 · answered by wizjp 7 · 0⤊ 1⤋