Looking for a loan to pull on my car

blkbmwm98 · #1 (**permalink**) 07-26-2010, 07:58 PM

First time poster and looking for some information on how or where to pull a loan on my car.

I own my car out right and I am looking to pull a loan with the car as collateral. The cars value is about $16,600.00 but i'm looking to pull about 8-10k on it.

I won't do a scam title loan place and looking for a legit place to get this done.

Thanks

DavidBibby · #2 (**permalink**) 07-27-2010, 10:23 AM

The first place I'd go is your own bank. If you have a good relationship with them see the loan officer and apply for a loan. Hopefully the rate is reasonable like 10-11%.

My credit union offers loans like that and usually credit unions have better rates than banks but not always.

I agree.. do not get a quick title loan ever! The rates are VERY high and they are just waiting for you not to pay them.. then they'll take your car away.

A bank or credit union will instead give you additional time and are more willing to work with you.

However.. you might not GET the loan if your credit is really bad. All you can do is ask, right?

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