My car title is free and clear. It’s a 2002 Olds Alero. I’ve heard bad things about title loans from local title loan companies. The problem is my credit is not too great. My car is worth way more than I want to borrow. I only need around 300 – 500 dollars. Is it possible to qualify for a loan reductil online with the car as collateral?
Can I Get A Short Term Loan From My Bank With My Car As Collateral?
6 Responses to “Can I Get A Short Term Loan From My Bank With My Car As Collateral?”
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No, unfortunately banks don’t view cars as collateral. Instead they view them as a liability. The reasoning behind this is that although you may want to borrow less than the car is worth…most banks see it as too troublesome. For one if the car breaks down and you cannot afford to repair it…if it gets involved in an accident and gets written off…you could potentially sell it…the bank doesn’t want the hassle of trying to get their money back through a foreclosure or debt counsellor…and they don’t want to deal with auctioning off of assets. I think you need to do an assessment of what you require versus what you are spending and rebuild your credit rating slowly. I have gone through the same problem with bad credit and it took me 7 years to wait for my credit record with the credit reporting agencies to clear my name. Hope this helps.
You can get a signature loan for 500 from most banks. You just have to be a account holder in good standings.
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depends on your credit score, if it bad then they don’t care they won’t touch you. If you go to one on the local title loan company interest rates are over 200% a moonth in some states
If your car is a collectible you probably can but if your car is not worth much you won’t be able to get a loan.
probably but is your credit ok? the interest rate could eat you up though
not a chance