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I like my bike like I like my girl - Nekkid
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Discussion Starter #1
Pretty much this is my situation, i want to buy this car but don't have all the money for it. I need X amount of dollars. Now what i am looking for is a bank that does collateral loans. I have 2 cars and my bike. I would like to put a lien from the bank on a title of 1 of them so i can get the money for this other car and then pay that off. Now my problem is that i have 0 credit cause i have paid cash for everything i have ever bought.

Does anyone know of any banks that do collateral loans? Lasalle doesn't, thats where i have my accounts.

If someone has done this or knows a bank that does please let me know.

-Nick
 

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linkinpark0726 said:
Pretty much this is my situation, i want to buy this car but don't have all the money for it. I need X amount of dollars. Now what i am looking for is a bank that does collateral loans. I have 2 cars and my bike. I would like to put a lien from the bank on a title of 1 of them so i can get the money for this other car and then pay that off. Now my problem is that i have 0 credit cause i have paid cash for everything i have ever bought.

Does anyone know of any banks that do collateral loans? Lasalle doesn't, thats where i have my accounts.

If someone has done this or knows a bank that does please let me know.

-Nick
I believe the correct term isn't "Bank" it's "loan shark". :thumb:
 

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I think the bank term is "secured loan." Most banks should have this. If you can't find one, then pm me and I'll help you find one.
 

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I like my bike like I like my girl - Nekkid
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Discussion Starter #5
Well i called lesalle, bank 1, bank of america, national city, flagstar. And national city is the only one that might do this. I described my situation and they said ther do do colateral loans. So.... if national city doesn't do it im focked.

-Nick
 

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If you do go through National City, go see Kathy at the 16 and Rochester Branch. She'll hook you up. :thumb:



Jen
 

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banks are not interested in doing "collateral" loans because they have to get the "collateral" inspected and appraised, They also have to factor in disposal of said "collateral" in addition to what you purchase, etc..
Too much work for them they would rather rely on your credit history and such. You might find a bank to do this but they will rape you with high interest. :2cents:
good luck
 

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im pretty positive republic bank does, i talked to the lady about it before.

i tell you what, you buy my car, ill cosign a loan for you, and i have excellent credit. sound good? :D
 

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Wouldn't you just do a secured loan and use the car itself as the collateral? Thats what I did on my bikes through my credit union..

T&C Federal Credit Union in Pontiac does this, but you may need to open an account first with them...
 
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