Overhaulin'

will my bank give me a secured loan with my car title?

I have terrible credit and I need a loan. I have a paid off newer nice car bought with cash. Do banks give small loans with the secured car title? I don't want a to go to a title place becuase i have heard bad things about them. I also have an auto loan i am paying on in good dtanding for 7 months now

Public Comments

1. yes
2. VERY DOUBTFUL
3. Sometimes. Call and ask.
4. NO and NO
5. They might. Banks have a thing about good not giving loans to people with terrible credit though. Try a credit union.
6. Yes they do because your car in collateral. Even with bad credit. but get the loan repay it and it will help your credit.
7. There are credit companies that will loan you the book value of the car using the car as collateral. However expect to pay an exterme interest rate on the loan. Most of the good banks will not lend money using the car as collateral since a car depreciates through time. Couple that with your bad credit rating I would have serious doubts. If you want to rehabilitate your credit take the hit with the Title lender and make sure you pay on time with no exceptions.
8. Do you have a bank that you have used for years? Then they might but the bottom line your credit score is going to hurt. If you do get the loan the interest rate will reflect the credit score. Good luck
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