If I put my car title on the line for a loan, Should I be accepted?

jasin4000 · Jul 21, 2007

Hey guys,

I am trying to get a loan from a bank(already thought about prosper.com)

I am trying to get about 5,000 - 6,000

I guess thats relatively small in terms of a loan, But I have a SUV that blue books at 5,000. If I put my title of my car on the line(Theres a name for that but I'm not sure what it is, refinancing?) Should I get accepted for the loan.

My credit probably isn't the best, I messed up some credit cards a couple years ago and paid them off and closed them, but I think damage was done.

Any idea where I should go or any opinions about this?

Thanks in Advance.

Dubpoet · Jul 21, 2007

Greek with give you 10 cent on the dollar Kelley Blue Book.

TTinCO · Jul 21, 2007

Unless you have full coverage on it, they'll laugh at you. They may laugh at you anyhow.

You're right about the damage being done. Been there done that-7 years of college & grad school will do that to you.

BadCo · Jul 21, 2007

Collateral isn't a depreciating hunk of metal to say the least.

Murphy8276 · Jul 22, 2007

do u own a house??? if not wells fargo can prolly help u ...they have a 5000 dollar loan for 540 score borrowers i believe with no collaterol...signature BABY!!!!

PO69 · Jul 22, 2007

Generally, if your credit is bad, then the car as collatteral wont matter too much. The car would need to be worth over $10,000 for a GUARANTEED loan without thinking about credit.

If they give you $6,000 for instance, and you default on the loan within the first 2 or 3 months, then the MOST that they would get for your car would be around $3000-3500 and even that would be a major hassle. They have to pay a tow truck, storage and so forth.

What year and make of car do you have? i think that the bank will give you $4000 for sure if the car if worth $6000

bellyputter · Jul 22, 2007

Quit gambling.

CarolinaKid · Jul 22, 2007

Sorry but the answer is no.....ck

snoop · Jul 22, 2007

Just sell the SUV then buy a bicycle.

lander · Jul 22, 2007

The worst part is that even if you get a loan, the creditors are most likely to fleece you on the interest rate since they'll assume past credit issues make you a very high risk.

djefferis · Jul 22, 2007

a traditional bank, no..credit union..mabeye, an american general/beneficial, probably..the later at 15-24% interest though

lander · Jul 22, 2007

If you have a 401K plan, many employers will let you take 50% of it out in loans.

TheShotDoctor · Jul 22, 2007

???..........???

jasin4000 said:
Hey guys,

I am trying to get a loan from a bank(already thought about prosper.com)

I am trying to get about 5,000 - 6,000

I guess thats relatively small in terms of a loan, But I have a SUV that blue books at 5,000. If I put my title of my car on the line(Theres a name for that but I'm not sure what it is, refinancing?) Should I get accepted for the loan.

My credit probably isn't the best, I messed up some credit cards a couple years ago and paid them off and closed them, but I think damage was done.

Any idea where I should go or any opinions about this?

Thanks in Advance.

You Livin' Like That & You Come Into My Threads & "Bash" Me!:missingte It's Called "A Title Loan" By The Way!

GL:thumbsup:
MR. NW

DrunkenHorseplayer · Jul 22, 2007

I believe that legitimate banks (as opposed to to title loan cockroaches) call it a "non-purchase auto loan". If your credit is poor then you won't get near the full blue book value, you'll be robbed on interest and you will need comprehensive and collision on your insurance.

Dante · Jul 22, 2007

lander said:
If you have a 401K plan, many employers will let you take 50% of it out in loans.

good post...I have done this and you end up paying yourself back with interest that goes back to you...you may lose alittle since that money you borrow can not be invested but its better then paying a CC loan

Jasin. got to agree with bellyputer to stop gambling use that money first before you borrow

WVU · Jul 22, 2007

did you try prosper and not get funded?

Intruder · Jul 22, 2007

MR. NEWLYWED said:
You Livin' Like That & You Come Into My Threads & "Bash" Me!:missingte It's Called "A Title Loan" By The Way!

GL:thumbsup:
MR. NW

Give him your magic Lotto numbers for a nice 100 grand hit then idiot

WinningWand · Jul 22, 2007

MR. NEWLYWED said:
You Livin' Like That & You Come Into My Threads & "Bash" Me!:missingte It's Called "A Title Loan" By The Way!

GL:thumbsup:
MR. NW

Give me a guy that tells the truth over some delusional gambler that hits the lotto after the lotto is over. Ooops...That was your parlay!! :missingte

I can appreciate his honesty. Since he is honest and let's people know him is probably why he dislikes your fraudulent life you live on the RX. :bigfinger

Anytime you put collateral up for a loan you can get it. Basically you are refinancing your car.