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Can I get a loan against my car?
Is there a way for me to get a loan against my car? I don’t really have a lot of valuable stuff to use as collateral, but I have a bunch of medical bills to pay. My car is the only thing I can think of.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you can take out a loan against your car, but it can be risky. When you take out a loan on your car title, your lender will place
a lien
on your vehicle. If you fail to make payments as outlined in your loan contract, your lender could repossess your car. Since title loans often have high interest rates, it’s easy to fall behind on payments.Apart from a title loan, you could try to get an unsecured personal loan to help you cover the expenses. If you have an excellent credit score, this is a great option. Unsecured loans don’t come with the risk of repossession, but you’ll still be able to get the money you need quickly. While you might still have a high interest rate on this type of loan, you won’t run the risk of losing your car if you’re unable to make payments.
If you’re looking for other ways to cut costs and save for your medical expenses, check out
Jerry
. This app makes it quick and easy to find the best rates available on the insurance coverage you need. Just download the app and answer a few questions to see a comprehensive cross-analysis of the best car insurance policies that work for you. The average user saves $879 per year.View full answer
- Gregory R.
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