Can I use our car (that is still not paid off) as an asset for a secured loan?
Wednesday, January 20th, 2010 at
4:02 am
me and my husband want to take out a small 2-3 thousand dollar loan and have read about taking out a secured loan and using an asset so that we have a low interest rate and stuff. but my question is can we use our car as an asset if our car is still not paid off yet????
how does that work???
and does anyone recommend any particular lender for a secured loan?
Repossession
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no…it has to be something that’s an asset, and an asset means you own it fully (all paid off).
I can only tell you about many years ago but I don’t know what some of the loan companies want these days. Many years ago we used to use our luggage, later we used our computer and equipment, back then they didn’t care what we used as long as it was paid for. But times may have changed. I know it’s harder to get credit now. I also know that if you need a small loan like that then the problem is probably you’re short. The way you solve that is to get a second job and to eat beans and rice until you come out of tight times. You can sell some things you don’t need, or even do without cable and cellphone, or cut down on gas.
it is very difficult to use an asset which has not been fully settled to secure a loan however the bank or financial institution may consider the value of the value of the property against the amount that you need.if the value of the car is fair enough to leverage the loan then the bank might consider extending the loan.another issue will also be the amount outstanding on the the car payment. i would strongly advise that you settle the payment of the car before you use it or use another asset if available.
I believe it has to be something that can be sold easily if you default, so a car without clear title wouldn’t qualify.
Sophie’s plan above (“beans and rice”) is brilliant, give that woman the best answer! I’ve eaten beans before rather than go into debt, and am now glad that I did.
I agree with sophie. Excellent reply. It must be something you own. I found several potential lenders at findsecuredloans.com. Hope everything works out for you.
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