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Do I have the option of using my vehicle as collateral to secure a loan? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. This allows you to conduct your own research and compare data for free to help you make sound financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies that pay us. This compensation may impact how and when products are featured on this website, for example such things as the order in which they may appear within the listing categories in the event that they are not permitted by law for our mortgage home equity, mortgage and other products for home loans. However, this compensation will not influence the information we publish, or the reviews that you see on this site. We do not include the entire universe of businesses or financial offers that may be accessible to you. SHARE: mimagephotography/Shutterstock

3 min read Published on October 04, 2022.

Written by Mia Taylor Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation’s leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. Edited by Helen Wilbers Edited by Helen Wilbers is editing for Bankrate from late 2022. He values transparent reporting that allows readers to easily land deals and make the best decisions for their financials. He specializes in auto and small business loans. The Bankrate guarantee

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You have money questions. Bankrate can help. Our experts have been helping you master your finances for more than four years. We continually strive to give our customers the right advice and tools needed to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct , therefore you can be confident that our information is trustworthy and reliable. Our award-winning editors and reporters provide honest and trustworthy information to assist you in making the right financial decisions. The content we create by our editorial staff is truthful, impartial and is not influenced through our sponsors. We’re honest about the ways we’re in a position to provide quality content, competitive rates, and useful tools to our customers by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods or services, or when you click on specific links that are posted on our website. So, this compensation can influence the manner, place and in what order items appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage or home equity products, as well as other products for home loans. Other elements, like our own website rules and whether the product is available in the area you reside in or is within your own personal credit score may also influence the way and place products are listed on this website. We strive to offer a wide range offers, Bankrate does not include details about every financial or credit product or service. If you are in need of a loan, but have trouble getting a good deal or obtaining one, you might require . Another option is to use your car as collateral. A car equity loan lets you borrow money against the value of your car. While having a secured loan could mean a lower interest rate, consider the potential consequences before deciding to approve this kind of loan. Do I have the option of using my car for loan collateral? Yes, you are able to use your car as collateral to secure to secure a loan. The secured loans need an asset that the lender can repossess should you not pay back the loan. The collateral can help you qualify for an loan in particular if you have . The risk is greater for the loan which is why lenders could also provide lower rates of exchange. It is necessary to have equity a possession to use it as collateral to secure secured loan. Equity refers to the amount that is the value of the collateral and what you have to pay. For example, if your car’s resale value is $6,000 but you still owe $2,500 on your car, you’ll have $3500 of equity in your car. In this situation, you’d have positive equity due to the fact that your car is worth more than what you are owed. The greater the equity you have in the loan the lower your interest rate will most likely to be. The biggest risk of using your vehicle as collateral for an is that in the event of a default on the loan the bank or lender could take possession of your vehicle to assist in repaying the loan. Fees might also apply. If you’re considering using your vehicle as collateral, you should check your lender’s guidelines to determine whether it allows this type of collateral and how much equity you’ll need. The advantages of using your car as collateral There are two main advantages to securing a loan by using your car. It is easier to get the loan. Due to the added security collateral lenders receive from secured loans are typically much easier to qualify for than traditional personal loans. Lower interest rates. Secured loans generally offer lower rates of interest. The drawbacks of using your vehicle as collateral While the use of your car as collateral can be appealing but there are risks with this type of loan. It is more likely to result in . There’s a greater chance that you could become upside down or have equity that is negative- because you are adding an additional amount to the debt you owe. Possibility of repossession. This is a big risk that comes along when you use your car as collateral. If you default on your loan, the lender can . Along with this your credit score may be affected negatively. The auto equity loan vs. car title loan A title loan, also referred to as a «pink-slip loan» or «title pawn,» makes use of your vehicle as the primary collateral for an loan. Car title loans allow you to borrow anywhere between 25 to 50 percent of the value of your car in exchange for the transfer of title to your vehicle into the lender as collateral. Car title loans are high-risk due to the fact that the loan term is typically very short — usually 15 to 30 days — while the rate of interest is high, around 300 percent annual percentage rate. These kinds of loans differ from auto equity loans in a variety of ways. The car title loan is a short-term loan as opposed to an auto equity loan that typically is accompanied by longer repayment terms. The car title loans tend to be higher in cost in comparison to car equity loans. They usually allow you to borrow less as compared to auto equity loans. You are not able to get a car title loan if you owe money on your vehicle. Due to the expensive charges and the high interest rates, car title loans can go downhill fast if you are unable to pay off the debt within the shortest amount of time. What other collateral are you able to use for loans? Your car is not the only type of collateral you could use to get loans. Other kinds of collateral include: Your home. And you can utilize a percentage of the equity you’ve built up in your property as a loan in the amount of a line or credit. Usually, banks will let the qualified borrowers access as much as 85 percent equity in their homes. Savings accounts. These are personal loans that use you savings as collateral. Banks and credit unions most typically provide these. In the end, before making use of your car as collateral, make sure you check the alternatives. Are you able to find a reliable family member who is willing to give you an in-short-term loan? Are you able to save for the loan or come up with another source of income to cover the costs? If you think a loan that relies on your car as collateral is your ideal option, look into several lenders. The repayment terms, repayment terms and the associated charges to determine the loan that is most appropriate for you.

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Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation’s leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. Edited by Helen Wilbers Edited by Helen Wilbers has been editing for Bankrate from late 2022. He values transparent reporting that allows readers to confidently land deals and make the best choices for their money. He specializes in auto and small business loans. Related articles Auto Loans 4 min read Jan 13, 2023 Home Equity 3 min read Dec 12 2022 Loans 4 min read September 30, 2022. Auto Loans 5 min read Jun 22, 2022

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