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It's possible. Many lenders will accept a customers car as collateral against a loan. The only down-side is - if you default on the payments - they'll take your car - whether you want them to or not !
What else can I help you with?
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.
What does a lien on your car title mean?
you owe somebody money and your car was used as collateral
Can a loan company reposses my car they do not have the transfer of lien on?
If that loan company loaned you money and you used the car as collateral and failed to make payments on time, they can, and will repossess the car.
How can I borrow money using my car as collateral?
To borrow money using your car as collateral, you can apply for a car title loan. This involves giving the lender your car title in exchange for a loan amount based on the value of your car. If you fail to repay the loan, the lender can take possession of your car.
How can you get a bail bondsman to work with you if you don't have all the money needed?
You can get a bail bondsman to work with you if you don't have all the money needed by offering up collateral. Collateral such as a home or car can be used to make up the difference of the bond in most cases.
What if you get a car loan and not buy the car?
You will still owe the money back with agreed upon interest. There may be some legal issues if you used the car for collateral and you do not own the car. return the money with the interest. the longer you save the loan, the more interest you have to pay!
Is a car secured property in bankruptcy?
If there is a loan which used the car as collateral, yes.
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.
Does the lender have to have a lien on the title to repossess?
No, they just have to have proof you borrowed money and used the car a collateral for the loan. The contract you signed promising to pay them back is that proof.
How soon can a car loan be refinanced?
As soon as you can find a lender willing to loan money on the collateral.
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.
You voluntarly gave your car back to the finance company and then bought a used car in your name can the finance company place a lien on your used car to get their money?
This could go either way because it depends on the contract you signed. Generally, I would say yes, because it is not likely that they would have financed the newer car without some sort of collateral provision (meaning the car is collateral for the loan). Unless, you paid for the newer car in full and do not owe any money on it. In that case, I would say no they probably do not have the provision needed to repo your car.
