Is there such a thing as taking equity out of your car? I was needing a loan, my car is paid off- FL

I wanted to get like a $3,000 cash loan and let a bank/financial institution hold the title to my car.The Kelly blue book value is $6,500. Is this possible?

Is there such a thing as taking equity out of your car? I was needing a loan, my car is paid off- FLORIDA?

Yes it is. It is called a Secured loan based off the loan value of your car. You local bank should be able to do this for you. Under Kelly Blue Book, look for the loan value of your car and that will be how much you should be able to borrow.

Good luck!

Is there such a thing as taking equity out of your car? I was needing a loan, my car is paid off- FLORIDA?

You can use it as collateral.

Is there such a thing as taking equity out of your car? I was needing a loan, my car is paid off- FLORIDA?

Call a lender who advertises personal loans and offer the car as security. Should be doable

Is there such a thing as taking equity out of your car? I was needing a loan, my car is paid off- FLORIDA?

Some loan offices will take your car as equity on a loan.

But the rates on the principal are usually high.

Loads of places online that will help you out. Here is just one:

http://www.ineedcashnow.net/

Is there such a thing as taking equity out of your car? I was needing a loan, my car is paid off- FLORIDA?

Yes it is possible.

Is there such a thing as taking equity out of your car? I was needing a loan, my car is paid off- FLORIDA?

I believe it would be termed more a collateral loan, you would have to check with a bank or lender to see if available.

Is there such a thing as taking equity out of your car? I was needing a loan, my car is paid off- FLORIDA?

Yes, this is possible. The loan will be just like you are buying the car and you shouldn't have any problems getting the money. Just try to get a low interest loan.

Is there such a thing as taking equity out of your car? I was needing a loan, my car is paid off- FLORIDA?

It is called a secured loan. You still get a credit check, etc.. but you will secure the loan with your title. The interest rate is mediocre.... not the best or the worst.

Is there such a thing as taking equity out of your car? I was needing a loan, my car is paid off- FLORIDA?

In principle? Sure. But $3,000 on a $6,500 car? I don't know.

Is there such a thing as taking equity out of your car? I was needing a loan, my car is paid off- FLORIDA?

u might be able to get a signature loan of that amount, collaterlized w/ your car. stay away for the %26quot;cash for title%26quot; loan places - they're rates are exorbitant.

Is there such a thing as taking equity out of your car? I was needing a loan, my car is paid off- FLORIDA?

Yes it is . Sometimes it will depend on your credit. Just be careful how much interest you are charged. Pretty much any lending institution that writes car loans will do it.

Is there such a thing as taking equity out of your car? I was needing a loan, my car is paid off- FLORIDA?

Yes---look in the Kelly Blue Book and find the loan value. That will be close to what they will give cash... The interest rate may be from 12-26% ---how bad to you need the cash??? You are better off to use a credit card 0% on purchases for the first year--most cards will loan $3000....And you will not lose the car if a payment is missed---OK