can OI get a signature loan for $4,000 and use my car as collateral if I borrowed $16,000 for the car and put $5,500 down and its KBB value is $28,500?Can I get a signature loan and use my car as collateral if it has a lien on it.?
You have to own the car outright before you can use it as collateral. If it has a lien then a lender will not accept it as collateral even if you "figure" that the car is worth more than the lien.
(And by the way, I have no idea what the other guy is talking about when he says you have a "lion". Nobody would want to go near a car that had a lion on it. That would be suicidal.)
No bank will loan money on a car with a lien on it. You must have the paid off title. Not even a title loan place will loan you money on it. One idea is to find a person who will loan you $4000 and take a 2nd lien on it. Good luck...Can I get a signature loan and use my car as collateral if it has a lien on it.?
No i think they pretty much want u to have the title in hand, better yet call and ask.
I'm going to guess you meant lion and no, it would not be realistic for someone to accept a car with a lion on it as collateral.Can I get a signature loan and use my car as collateral if it has a lien on it.?
I love lions on cars!
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