Ravenous Wolf Posted March 26, 2004 Report Share Posted March 26, 2004 I am going to have my car paid off in about three payments.In the event of an emergency in which I need some cash, what is involved in using my car for collateral in a bank or credit union loan?Has anyone ever used their car for collateral? Link to comment Share on other sites More sharing options...
DHK Posted March 26, 2004 Report Share Posted March 26, 2004 It is and can be done - but it will usually be done through a bank's "Financial" department - like Wells Fargo Financial or CitiFinancial. Rates will be higher than most secured loans (I think) because the collateral is still a depreciating asset - so you still might pay between 12 to 18%.I could be wrong. Link to comment Share on other sites More sharing options...
Anonymous Posted April 2, 2004 Report Share Posted April 2, 2004 DCU will loan out at 7%. Link to comment Share on other sites More sharing options...
rgates1 Posted April 25, 2004 Report Share Posted April 25, 2004 That crossed my mine as well. I have a 1999 Honda Civic with 89K miles and I want to get a loan and use my car as collatoral..what do you think the monthly payments would be? rg Link to comment Share on other sites More sharing options...
life Posted July 7, 2004 Report Share Posted July 7, 2004 what is dcu --do you have a website for them. Link to comment Share on other sites More sharing options...
DocPC Posted July 7, 2004 Report Share Posted July 7, 2004 Here you go!: http://www.dcu.org/ Link to comment Share on other sites More sharing options...
Anonymous Posted July 7, 2004 Report Share Posted July 7, 2004 thank you Link to comment Share on other sites More sharing options...
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