Using vehicle as colatteral for loan?

Joined
Sep 12, 2004
Messages
158
Location
cinci,Oh
Ok guys. I am really hard up. Could I use a vehicle for colateral (1996 GMC van,wolesale at 2,500) for a 2,500 dollars loan? Is it feesible. I am going to pay the loan off really quickly though. I am going to talk to the bank about it and see what they tell me. :frown: god im pitiful. These growing pains of business are killing me!
 
Joined
Mar 10, 2005
Messages
53
Location
Harvard, IL USA
might not get full wholesale out of it-- they will want to give you less than wholesale since if they were to repo it, it would most likely be sold at auction for around wholesale. Then whatever amount over the value of the loan they would get for it would be refunded you, minus repo and legal fees of course.

Do it thru a bank, not one of those shady Title loan places.... at least a bank is gonna have a little (just a little) more scruples than one of it's ugly, fly-by-night step sisters.

Steve
 
Joined
Mar 30, 2005
Messages
473
Location
Mt. Pleasant, SC
If you'll be able to pay it off quick, there's no worries except for the interest. Just MAKE SURE you pay it off quick otherwise the interest'll get 'ya.
Hit up White Shark. He's a money man/mortgage broker.
 
Joined
Sep 12, 2004
Messages
158
Location
cinci,Oh
LoveTractor said:
If you'll be able to pay it off quick, there's no worries except for the interest. Just MAKE SURE you pay it off quick otherwise the interest'll get 'ya.
Hit up White Shark. He's a money man/mortgage broker.
thanks for the tip man. The cruiser brotherhood id the greatest. :cool:
 
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