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YES YOU CAN
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∙ 15y ago
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Is it illegal for a finance company to use a financed vechicle as collateral?
you cannot use it as collateral because you need to hold title of the vehicle however in this case the finance company has the ownership of the vehicle not you.............
Is it illegal to use a financed vehicle as collateral on a loan?
Well yes.... The car in question is already collateral for the first loan.
How do you finance a vehicle engine?
Personnel loan or by using something else as collateral. You cannot borrow money and use an engine as collateral.
Can someone use your vehicle as collateral on a loan without you signing the loan?
Not LegallyUnlessYou are married
Your vehicle has a lien can you borrow money?
A small loan company may use your title as collateral for the loan but the loan is relatively small. A bigger institution would not accept your vehicle as collateral because of the lien to another agency.
Can you sell a car that you used a collateral?
No. If you use a vehicle as collateral on a loan or something of that nature, the car actually becomes property of the lien holder (person to which is holding it as collateral), and cannot be sold unless the loan is cleared up.
What are the pros and cons of collateral loans?
Collateral loans are secured loans. They depend on the ownership of a house or vehicle. Collateral loans can be very quick to obtain. If a borrower defaults on a collateral loan, the lender can take the property or vehicle that had been borrowed against.
Can a collection agency take possession of a vehicle in Maryland?
If your vehicle is the collateral for the loan, then yes.
What kind of collateral is used for a personal loan?
It depends on the type of personal loan. It is possible to get a loan using only a good credit score as collateral. If you do not have good credit, it is still possible to get a loan without collateral, but you can expect to pay a much higher interest rate. It is also possible to use a vehicle or property as collateral.
Can a creditor reposses your vehicle if you have the automobile and the title?
Yes, IF the lender has a contract specifing the car as collateral for the loan. Once you use the car for collateral, all the titles in the world wont stop the repo if you default the loan.
What would be good collateral for a lease agreement?
A good collateral for a lease agreement would be a tangible property, such as a house, motor vehicle, financial collateral as well as intellectual security.
What type of cred it is if a bank loans you money to buy a new car?
Normally it is called an Auto Loan if you are using the vehicle as collateral for the loan. But, you can use something else as collateral such as your home, in which case it would be a Home Equity loan.
