Overhaulin'

Will I be able to get a car-title loan?

I have a 2009 Eclipse that I have paid off ($19,000) and the title is in my name. Will I be able to get approved for a title loan for about $14,000 dollars? See my main issue is that I am a student at a college and I do not have a job at this moment... but Im sure I can grab some crappy little job somewhere. But, will I be able to get approved for a loan?

Public Comments

1. That is the stupidest type of loan. If you miss the pay back even once, your car is history, and you probably still owe on it, and will be responsible to back the balance. Don't do it. Not only that, how can you now get a job, with out the car they might repo?
2. I'm sure a title store will loan you money on a paid off car. I doubt you'll get $14k; you'll likely get closer to half the book value, so maybe $9k. The question is do you want a loan like that? The answer is no. Miss one payment and bye-bye new car. Perhaps it was a gift or there's another explanation, but if you don't have a job, why are you driving a new car? I doubt you'd have an easy time getting a new loan on the car since you already own it (and since you have no job), but you could try. You probably won't like my advice, but if I were you and needed that money, I'd sell the car as quickly as I could and buy a later model (maybe '06) car that's not as nice. You could get a Hyundai or something like that for around $5-6k and the difference would be the money you need.
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