Could I use my vehicle as security for a financial loan?Which bank do I need to select?

Could I use my vehicle as security for a financial loan?Which bank do I need to select?

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  • Mar. 29, 2013 /
  • 1 min read

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Dear Driving for Dollars, i would like a loan. Can you really get that loan by borrowing against my vehicle getting the cash i would like? — Shane

Dear Shane, You are basically explaining the application of your car as collateral for the loan. To use a product you have as security, you really must have equity inside it. If you have your car outright, you could utilize it as security. You might have enough equity if you have a car loan. You will have to owe lower than its value.

To learn, calculate your car’s value at one of many motor vehicle rates web internet web sites such as for instance Edmunds.com, and compare it towards the payoff number of your vehicle. For those who have enough equity, you might be able to utilize your vehicle as collateral to obtain the loan you need, if you should consult your loan provider to make sure the mortgage terms allows it.

Remember that 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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At driving for Dollars if you have a car question, email it to us. Read more Driving for Dollars columns and Bankrate car stories. Follow her on Facebook here or on Twitter @SheDrives.

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