Overhaulin'

How can I buy a car using my house that is already paid off, is there a way that I can use my house as collat?

I paid cash for my house and I am now looking to buy a car. My credit is really bad and I doubt that I be able to get financed for any kind of car loan.Can I use my house that is paid for as collateral for my car purchase?

Public Comments

1. Yes, it's called a home equity loan but genereally there are minimums ($10,000 or so) and you generally still have to qualify with credit so it may still be an issue... Good luck.
2. Yes u can home equdy loan or something like that although I wouldent miss a payment loose ur house and ur car then its the cardboard box on the street sucks but I'm guessing u have ur house paid off u got decent credit see what u can do first on credit alone then use ur house as claderal as a last option
3. With the housing market the way it is and your bad credit situation I doubt any bank is going to offer you a loan against your house. If you default on the loan they will be stuck with another house they have to sell in a bloated market. I know people with good credit and collateral that can't get loans in today's credit market. The only people that might be willing to loan you money against your house are going to be scammer at this point so I'd be careful with what I signed. You don't want to lose your house over a new car.
4. Are you REALLY attempting to sacrifice your house over a piece of sheetmetal that depreciates and rusts??? Go find a buy here-pay here lot!