0
collateral exchange in this medium means simply the dealer or other person will allow what they value your vehicle for, deducted from the price of the vehicle being purchase. Do believe however, the other is going to make money, that's what they are in business for. Better probably you find a private buyer, you don't usually lose as much using cash as down.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
Can you use your car as collateral for a loan?
Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.
Can a financed car be used as collateral for a loan?
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.
What provides a bank with collateral on a car loan?
The car itself
Can you return a used car for another used car?
Did it have a guarantee or was it sold "As Is"? You may have to just make another deal with the dealer in exchange for a different one.
What provides collateral to secure a car loan?
car
Can you sell a car that you used a collateral?
No. If you use a vehicle as collateral on a loan or something of that nature, the car actually becomes property of the lien holder (person to which is holding it as collateral), and cannot be sold unless the loan is cleared up.
Can I use my car's title as collateral for a car equity loan?
When it comes to using collateral for a car equity loan using your car title is an option through certain loan providers it just depends on their qualifications and the value of your car.
Can lender reposses car or lack of insurance?
Yes, if you don't have full coverage insurance the collateral is in jeopardy. In other words if you were to total your car the lender has no collateral.
Is a car secured property in bankruptcy?
If there is a loan which used the car as collateral, yes.
Can citifinancial place a lien on your home for non payment of a personal loan when they have a your vehicle as collateral?
CitiFinancial will not place a lien on your home if they have your car as collateral. They will place a lein on your car and you risk them having your car repossessed.
Is it illegal to use a financed vehicle as collateral on a loan?
Well yes.... The car in question is already collateral for the first loan.
What does a lien on your car title mean?
you owe somebody money and your car was used as collateral
