Asked by: Nicolasa Polishchukpersonal finance personal loans
Can I get a loan using my car as collateral?
Similarly, it is asked, can I get a loan against my car?
To borrow against your vehicle, you need tohaveenough equity in your car to fund a loan. Inmanycases, you need to have paid off any other loans usedtopurchase the vehicle, but some lenders allow youtoborrow if you're still paying off a standard autopurchaseloan.
Also to know is, what does it mean to use your car as collateral for a loan?
When you take out a secured loan, yougivethe lender a legal interest in some of yourassets,making them “collateral.” If you don'trepaythe loan, the lender can take thecollateralto recover the unpaid funds.
Traditionally Financed We may still be able to approve you foratitle loan. Many other title loan companiesdon'tallow you to get a loan if you arestillpaying on your car but TFC Title Loanscan make ithappen for you. It's for the car to qualifyfor double whatis still owed on the car.