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• Mar. 29, 2013 /
• 1 min read

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Dear Driving for Dollars, i would like that loan. Are you able to get that loan by borrowing against my automobile to obtain the cash i would like? — Shane

Dear Shane, You are really explaining the usage of your vehicle as security for the loan. To utilize a product you have as security, you’ll want equity inside it. As collateral if you own your car outright, you could use it. For those who have a car finance, you may have enough equity. You would have to owe not as much as its value.

To learn, calculate your car’s value at among the vehicle prices internet web internet sites such as for instance Edmunds.com, and compare it towards the payoff level of your car or truck. When you yourself have enough equity, you are able to use your vehicle as security getting the loan you need, you should consult your loan provider to be sure the loan terms allows it.

Remember that without transportation if you do use your car to secure a loan, the lender could end up repossessing your car if you default on the payments, which could leave you.

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At driving for Dollars if you have a car question, email it to us. Read more Driving for Dollars columns and Bankrate car stories. Follow her on Facebook right right here or on Twitter @SheDrives.

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