Author Topic: Pulling cash out of my car  (Read 1166 times)

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gregorya51

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Pulling cash out of my car
« on: June 25, 2014 12:03:19 AM »
I have an auto that is worth 12,500.  The vehicle has no liens on it currently.  I want to pull 10k out of the car but my credit score is 640 and I am concerned that the only loan offers I get will be over 20% interest.  Has anyone ever done this before and gotten a reasonable rate on the loan?

Thanks

kevinmanheim

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Re: Pulling cash out of my car
« Reply #1 on: June 25, 2014 01:04:56 AM »
A credit union may make a loan on the car.

I would avoid a title loan company. Their rates will be too high.

CleaningUp

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Re: Pulling cash out of my car
« Reply #2 on: June 25, 2014 01:45:12 AM »
Your $12,500 vehicle is probably only worth about $4,100 when being looked at for a loan; and on that they might just only offer you $1,000 at a very unattractive rate of interest. 

It's a used car, for heavens sake.  The only ones that will touch that sort of transaction are the ones that you REALLY don't want to do business with.

With your credit score, you could seriously consider taking out a personal loan for the bank that you use or, as suggested, from a local credit union.

KFMAN

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Re: Pulling cash out of my car
« Reply #3 on: June 25, 2014 03:50:56 PM »
I have an auto that is worth 12,500.  The vehicle has no liens on it currently.  I want to pull 10k out of the car but my credit score is 640 and I am concerned that the only loan offers I get will be over 20% interest.  Has anyone ever done this before and gotten a reasonable rate on the loan?

Thanks
How about selling the car?

gregorya51

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Re: Pulling cash out of my car
« Reply #4 on: June 25, 2014 10:47:46 PM »
Thanks All -

I am going to consider selling the car and leasing a less expensive car


Thanks

KFMAN

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Re: Pulling cash out of my car
« Reply #5 on: June 30, 2014 04:31:25 PM »
Thanks All -

I am going to consider selling the car and leasing a less expensive car


Thanks
Why does Fleecing, I mean leasing make sense?

 

credit