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I need to get a personal loan. I don't want to use my credit or have it on my credit report. Is there anyway I can get a loan with using my car's title as collateral? Car is paid off and I have comprehensive and collision insurance paid off for the next 9 months.
I need to get a personal loan. I don't want to use my credit or have it on my credit report. Is there anyway I can get a loan with using my car's title as collateral? Car is paid off and I have comprehensive and collision insurance paid off for the next 9 months.
Any help greatly appreciated!
I'm really not sure why you're trying to keep it off your credit report, but the answer is no. Not unless you find some shady back ally lender who will do things off the record.
It doesn't matter that your car is paid off at the moment. A car loan is always secured using the title as collateral, and you're always required to carry insurance. That's how it works.
Why are you trying to keep this off your credit report?
I'm really not sure why you're trying to keep it off your credit report, but the answer is no. Not unless you find some shady back ally lender who will do things off the record.
It doesn't matter that your car is paid off at the moment. A car loan is always secured using the title as collateral, and you're always required to carry insurance. That's how it works.
Why are you trying to keep this off your credit report?
I don't want a car loan. I want a personal loan using my car as collateral.
I don't want a car loan. I want a personal loan using my car as collateral.
That's the definition of a car loan. A personal loan is unsecured. Just like a mortgage is secured by your property, a car loan is secured by your car. The collateral determines the name of the loan.
Go to a payday store. But be very, very careful of the interest rate.
There's always a better option than a payday loan, especially if you're taking out a large loan.
Keep in mind, just because it's called a "car loan" doesn't mean you have to use it for a car. I borrowed against my car since the rate was so low and used it to pay down my mortgage for example. You can usually use the funds for just about anything.
What's the reason for trying to keep this off your credit report?
There is no way to do this with any legitimate lender without it being on your credit report. They are also going to run a credit report on you regardless of what you use as collateral, no way around either of these without using a lender who operates below the law.
Okay I should have stated how can I get a loan without verifiable income, yet have excellent credit? All 3 around 770.
My only asset is my car. No wife.
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.
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.
Makes sense. Thank you and everyone else for your help. I am disorganized with paperwork so I can get a copy of my tax return from the Accounting Firm that I used.
Thanks again!
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