Could I utilize my vehicle as security for a financial loan?Which bank can I select?

Could I utilize my vehicle as security for a financial loan?Which bank can I select?

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  • Mar. 29, 2013 /
  • 1 min read

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Dear Driving for Dollars, a loan is needed by me. Can you really get financing by borrowing against my vehicle to obtain the cash i would like? — Shane

Dear Shane, You are basically explaining making use of your car or truck as security for the loan. To utilize something you have as security, you really must have equity with it. As collateral if you own your car outright, you could use it. You might have enough equity if you have a car loan. You would have to owe significantly less than its value.

To learn, calculate your car’s value at one of many automobile prices internet internet internet sites such as for instance Edmunds.com, and compare it to your payoff number of your car or truck. When you yourself have sufficient equity, perhaps you are able to utilize your car or truck as collateral to obtain the loan you would like, if you should consult with your loan provider to ensure the mortgage terms enables it.

Remember without transportation if you do use your car to secure a loan, the lender could end up repossessing your car if you default on the payments, which could leave you.

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When you have a automobile concern, e-mail it to us at Driving for Dollars. Read more Driving for Dollars columns and auto that is bankrate. Follow her on Facebook right here or on Twitter @SheDrives.

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