A clear title for that car.
Can you take a loan against your car if it isn't 100% paid for? I have one more year on Lexus.
Yes i can
no
Do you need a loan contact
Typically you need a car with insurance to get a title loan. If your car is totaled, the loan company are entitled to that money since they hold the title for your car.
You need an appropriate record to qualify for a car loan and you need correct and standard employment information that you must provide in order to approve.
no you need to be 18
You don't need a loan you can just pay.
You need to have the title transferred to your own name and notify the loan company of the change in ownership. Then you will need to pay the balance of the loan or renegotiate the loan with the bank. If you don't pay the loan the car will be repossessed.
Any kind of loan goes against your credit rating. Most car loans are given by contracted companies, like Citi Financial, and acts like a regular loan against your credit.
To remove your name from a car loan, you typically need to either pay off the loan in full or have the other person on the loan refinance the loan in their name only.
A car loan is not considered an asset; rather, it is a liability. An asset is something of value that you own, while a car loan represents money you owe to a lender. However, the car itself can be classified as an asset, as it has value and can be sold or used as collateral. The loan and the car exist in a balance, with the loan being a debt against the asset.