Thread: Using Auto for Collateral on loan ?

Has anyone out there used a auto that they own free and clear to use as collateral on a personal loan ? I'am trying to think of some creative way's to get a personal loan and pay it off to boost my fico . Any thought's would be great !!

Hey,

I'm glad I saw your post.

My uncle was able to give his title to secure a loan.

About 3 months later, his truck started to give him problems and sadly he had to bite the bullet and keep it, because he couldn't get rid of it until he paid off the loan.

The only 2 bad things I see happening to anyone with this is the car dying, and you losing your title if you miss a payment.

Have you tried getting a loan secured by funds in a savings account or CD, and make sure it is reported as a regular loan, not secured?

By the way, I am not knocking your idea :-)

I have went to the banks and they will give a loan secured with a CD . It just is reported as secured . I was hoping that I could get a loan reported unsecured or as a auto loan .

Toolhound, I did that with my credit union in 1994 when I had my 1991 Integra.

They EVALUATE the car at the time of the loan - so if your car is mint kelly blue book, they should make you the loan quickly at that rating.

If the car is beat to hell and worth only low low blue book - they would probaby still allow a loan - for a mid kelly amount.

arff - dogman