Quote:
Originally Posted by ocnjgirl
I honesty don't think you can. Why can't you use your tax return to verify your income? IMO if you don't have income, you won't get a personal loan. When you buy a new car, the bank has a brand new car as collateral, but you'll never get approved for the loan without proof you can make the payments...what makes you think it would be any easier using an older car you already own? IMO it will be harder, as the bank has no idea what it's really worth, if anything is wrong with it, etc.
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My car loan is a stated income.
But yeah, new car loan (or a loan to buy a car) is a different situation. The only people resorting to title loans are usually huge lending risks. Normally people would just use a credit card or and normal personal loan from their bank for longer term where the interest rate would matter more.