Is it possible to get a Loan from a bank using my Truck title as collateral?

Question by Robbie c: Is it possible to get a Loan from a bank using my Truck title as collateral?
I purchased my 2003 Toyota Tacoma Truck from a family member for 1$ the value is $ 6000 . I have the title in my name now and it is mine.. Is their a way to go the bank and get a loan based on the truck value to help pay off my bills and have one payment?

sorry if this is a stupid question but I have no idea!
Thank you

Best answer:

Answer by Caveat Emptor
It’s possible but unlikely. Even if the bank is willing to do a title loan, it will only lend up to a certain percentage of the vehicle’s value and you would have to qualify for the loan (income, credit history) just like any other loan. They will also require you to carry “full insurance” on the vehicle.

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2 comments to Is it possible to get a Loan from a bank using my Truck title as collateral?

  • timothy p

    A credit union will be your best bet. It will be a secured loan but the interest will still be a little high due to the age of the truck. A lot of banks and credit unions require the vehicle to be under 7 years old and have a cap on the mileage it can have. If your car meets the criteria, your credit is OK and you have the income to cover the payments then you may get a loan. You could walk into a local bank or credit union and talk to a loan officer. they will tell you what they require.

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