How Can I Get A Loan On My Car From A Reputable Bank?
Posted by admin on January 12th, 2010 at 06:44am
I lost my job, I am behind on my rent, and my credit is extremely bad due to a divorce. I am trying to find a way to get a lien on my car, which I have clear title to, for one third it’s value. I know there are auto title loan companies that do this, however I’ve researched and found out they are extremely high interest rates (300%apr on average), they don’t offer enough to get me out of debt, and they usually end in repossession of the vehicle. How can I get a secured loan from a reputable bank using my car as collateral?
Under Loans
Leave a Comment for How Can I Get A Loan On My Car From A Reputable Bank?
Trackback this post | Subscribe to the comments via RSS Feed
5 Comments for How Can I Get A Loan On My Car From A Reputable Bank?
1. burt p | January 12th, 2010 at 6:46 am
Try lendingtree.com
I had a similare situation and was able to get a loan against the car for 25% of its kelly blue book value. Rate was high though, I think 16%. After a year though I was able to refinance.
2. bretmich | January 12th, 2010 at 7:24 am
Have you checked with a bank or two in your area? Do you belong to a credit union?
Since it would be a secured loan, they might go for it even if your credit is bad. Extremely bad, very possibly not though.
3. darinara | January 12th, 2010 at 7:24 am
I found interesting information about your answer & THE BEST car loans options here. http://all-debt-consolidation-loan.blogs…
Good luck!
4. Judy | January 12th, 2010 at 8:07 am
honestly there are several companies that do autosecured loans such as citifinancial.. but with the derog credit.. it will not qualify. Believe it or not for the type of loan typical rate is 26.99 percent.. southern cali.. and the rate only goes down 1 percent if you secure it with your car. so.. yah not really a big difference. If you are a homeowner and your credit is between like 600 & 680.. you may still have a chance.. Then you have to take debt to income ratio into consideration as well. Just a lien will be costly with the loan sharks,, trust me my parents own that type of company.. and yes they do always usually end up in repo… I worked for them and now I work for citifinancial.. so I know..
I hear your story every day!Call your nearest office.. hehe.. u never know. Good Luck
5. swtnsxyg | January 12th, 2010 at 8:45 am
Poor credit car loans have been specifically designed for those people who have trouble getting credit due to their credit score being too low, if your credit score is too low then you will be seen as a huge risk and as such the lender will not take a chance on you and so turn you down. You can bring your credit rating back up by doing certain