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

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2014-04-18 21:01:29
2014-04-18 21:01:29

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.

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