To apply for a loan on a paid-off vehicle, first if the "true" value is more than or the same as what you want to borrow, go to your local bank or credit union (The rules at a credit union are not as strict as a bank). They will look up the loan value on it. Based on your credit history and the loan value amount, the loan value is what they will lend you, and the car will be used as collatrel to secure the loan in case you default.

Most credit unions use the NADA book value of a car. Have yourself armed with the book value when you go to the bank, so you can show them what you know also.

Related Questions

Should you apply for a credit increase before or after applying for a vehicle loan?

For a better chance at getting the vehicle loan, increase your credit after the vehicle loan. Increasing your credit before may reduce the your vehicle loan amount.

How does a vehicle loan calculator work?

A vehicle loan calculator helps you to work out your monthly repayments. You choose the vehicle value or loan amount and the length period of the loan. Then the calculator will work out your monthly payments.

Can you get a title loan without vehicle inspection?

Can u get a title loan without a vehicle inspection

If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the vehicle?

will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle

Are you in default of a car loan if the vehicle is not registered?

Registration of the vehicle has nothing to do with the loan or financing of the vehicle. The only was to "default" is to not make the payments.

How can you get a loan on a paid-off vehicle?

Wiki User

2014-04-18 21:01:29