Can I use my paid off 2005 vehicle as collateral for a secured loan?
I have bad credit and can't get approved for an unsecured loan and want to consolidate high interest rate credit cards.
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Posted on
12/15/09 Total Answers
1
Answers-
Yes some finance company will most likely give you a loan, however you should be aware that they will charge you 30% and up interest.
Also you stand a chance of loosing the vehicle if you default on the loan.
Personally I would not do it, I would just apply every possible extra monies I had each month to the credit cards and stop charging, you will lower the balances if you pay more than the minimums.
Answer by :
Dixie Darlin' On Date
2009-12-15 06:14:24
