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Dear Shane, You are essentially explaining the utilization of your vehicle as security for a financial loan. To make use of a product you have as security, you really must have equity on it. In the event that you have your car outright, you could utilize it as security. You might have enough equity if you have a car loan. You would have to owe lower than its value.
To discover, calculate your carвЂ™s value at one of several motor automobile rates internet internet web sites such as for instance Edmunds.com, and compare it to your payoff level of your car or truck. Though you should check with your lender to make sure the loan terms will allow it if you have enough equity, you may be able to use your car as collateral to get the loan you want.
Keep in mind that without transportation if you do use your car to secure a loan, the lender could end up repossessing your car if you default on the payments, which could leave you.
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