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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? вЂ” 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 carвЂ™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.
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.
BankrateвЂ™s content, such as the guidance of its columns that are advice-and-expert this site, is supposed and then work with you with monetary choices. The information is broad in range and doesn’t think about your individual financial predicament. Bankrate suggests you look for the advice of advisers that are completely alert to your own personal circumstances before you make any final choices or applying any monetary strategy. Please understand that your usage of this amazing site is governed by BankrateвЂ™s Terms of good use.